The race that stops a nation - but wait for the rate annoucement 30 minutes earlier

November 02, 2015
Lorraine Bennett


Is it the “race” or the “rate” that stops a nation?

For many Australians, the first Tuesday in November means only  one thing, (especially in metro Melbourne where we have a  holiday) -the Melbourne Cup.

At 3pm tomorrow all eyes will be glued to TV screens around the country for 3 minutes as punters wait to see if their horse - either selected by themselves or as luck would have it, drawn from a sweep - will be first past the post.

In recent years, an event that takes place 30 minutes prior to the big race has the attention of mortgage holders rather than watching the horses parade in the mounting yard - the Reserve Bank of Australia’s Monetary Policy Decision announcing any changes in the official cash rate.

You may not realise, but for five of the last eight years, the Governor of the Reserve Bank of Australia, Mr Glenn Stevens has announced a change of the official cash rate (both up and down) on Melbourne Cup day. 

To keep you up to date tomorrow, & every time the RBA makes these decisions, I can send you an email, let me know your email address & I will add you to our noticification list. Email me at:

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