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Reserve Bank of Australia (RBA) will cut rates twice this year (July and November) on  “no regret” basis to prop up economic activity and to offset a possible rise in the unemployment next year, according to Alan Oster, Head Economist at National Australia Bank (NAB).  

Last month, Westpac, one of Australia’s largest banks, moved away from its long-held view that rates would remain on hold for an extended period and called two rate cuts – 25 basis points in both August and November.