(RTTNews) - An expected interest rate move by the Reserve Bank of Australia headlines Tuesday’s calendar of economic news for the Aussie-NZ region.

The RBA is widely anticipated to reduce the nation’s cash rate by at least 25 basis points, responding to a combination of a slowing Australian economy, tight credit and worsening business conditions.

A rate reduction would be the first in more than seven years, following a string of increases that have left the rate at an all-time high of 7.25 percent.

The RBA decision is expected at 04:30 GMT.

Rounding out Tuesday’s data releases is a report on Australia new building approvals for July. Approvals issued in June registered a 0.7 percent decline compared to the preceding month, and were 7.8 percent lower than in June of 2007. Most economists are forecasting an on-month increase of 0.5 percent and a narrowing in the full-year contraction rate to 6.4 percent.

The Australian Bureau of Statistics report is scheduled for release at 01:30 GMT.

New Zealand’s docket of economic data releases is clear for Tuesday.

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Posted in Categories: Australia, Economy, New Zealand, Releases.

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