It finally happened. 25 basis points down, taking the cash rate to 4.10%, the first cut after a full year sitting at the peak.
Small move, on paper. But the psychological shift feels bigger than the number. A whole year of the market treating 4.35% as the ceiling to plan around, and now there's proof the direction can actually reverse.
I don't expect a flood of cuts immediately, inflation's better but not fully tamed, and the RBA's been cautious all year for good reason. What I do expect is the pent-up demand I wrote about last month starting to show up at the margins, buyers who've been waiting for exactly this signal finally willing to move. Worth watching the next few months of auction data closely.