Like any punter on Melbourne Cup Day, some economists are taking a long-shot bet on the chance of the Reserve Bank cutting the cash rate to a record low 1.25 per cent.
The central bank holds its monthly board meeting on Tuesday and will announce its decision on interest rates 30 minutes prior to the race that stops a nation.
Financial markets, academics and most economists are expecting the cash rate to remain at 1.5 per cent, where it has stood since August.
Timo Henckel, a lecturer at the Australian National University's Research School of Economics, believes there is "no strong case" for a rate change at this stage.
But Commonwealth chief economist Michael Blythe expects there will be a 0.25 per cent cut to a new low, although he does so without great conviction.
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"For those that like a flutter, the Melbourne Cup day meeting has been a popular choice for policy makers," Mr Blythe said, noting rates have been changed on six out of the last 10 Melbourne Cup days.
Last week's official inflation figures showed the consumer price index slightly higher than forecast, buoyed by stronger fruit and vegetable prices.
But Mr Blythe says underlying measures of inflation, which smooth out volatile price swings, remain subdued and below the central bank's two to three per cent target band.
KPMG chief economist Brendan Rynne agrees the figures could give the RBA theoretical justification for cutting interest rates, but says it would do nothing for housing affordability.
"Investor activity is still driving house prices and any rate cut will be swallowed up by that sector," he says.
The Reserve Bank's latest monthly credit figures show investor housing loans grew at their fastest pace in a year in September.
Even if the central bank did cut the cash rate, the heads of the big four retail banks made it clear during an parliamentary inquiry into the industry earlier in October they would unlikely match a reduction in full.
National Australia Bank boss Andrew Thorburn told the hearing that in a low interest rate environment, funding factors were having a greater influence on interest rate decisions.
However, the general view of economists and financial markets suggests the banks won't be put in the position to have to defend a partial rate reduction.
Dr Henckel says global markets are in a "holding loop" awaiting the result of the US presidential election on November 8.
He chairs the ANU's so-called "RBA shadow board" made up of academics, economists and former RBA board members.
The shadow board attaches a 64 per cent probability of the cash rate remaining at 1.5 per cent and a 72 per cent risk on the need to raise rates in 12 months time.
"The RBA shadow board clearly believes that the cash rate should remain at its current level," Dr Henckel said.
