Aussie shares up as bank boss bets against Cup day hike
By Adrian Black
Australian shares edged higher as fears of a November interest rate hike eased. -AAP Image
Australian shares have ended the day higher after Australia's top central banker said the race that stops the nation won't likely come alongside a rate hike that stops the economy.
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The S&P/ASX200 edged 29.6 points higher on Tuesday, up 0.34 per cent, to 8,709.3, as the broader All Ordinaries gained 35.9 points, or 0.41 per cent, to 8,886.6.
A modest, late afternoon advance came after Reserve Bank governor Michele Bullock told reporters the central bank was in no rush to lift the official cash rate on Melbourne Cup Day, November 3.
"The point I want to make is that we've got to see how these four interest rate rises feed through," Ms Bullock said.
"What we're observing at the moment, what we'll observe tomorrow, is a (consumer price index) number that happened a month ago."
The Australian dollar is buying 69.90 US cents, down from 70.18 US cents on Monday at 5pm as expectations of a November rate hike softened.
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