Good morning, Rachel Clayton here with you.

Tuesday’s unsurprising news of keeping rates on hold until at least February could have long term consequences for jobs if the RBA’s calculations are off.

For more here’s business editor Michael Janda’s latest analysis:

Hello Nassim here with you with some breaking news.

Corporate watchdog ASIC is suing Rex Airlines, alleging the company and four of its directors engaged in “deceptive and misleading conduct” over its profitability.

ASIC alleges Rex, along with directors John Sharp, Lim Kim Hai, Lincoln Pan and (former director) Sid Khotkar, contravened their directors’ duties by not sharing market sensitive information that forecast a $35 million profit downgrade in June 2023 in a timely manner.

“Our case will allege serious governance failures at Rex”, ASIC chairman Joe Longo said.

“Rex’s directors had a responsibility to take reasonable steps to ensure the company complied with the law and we will seek to hold them to account.

“We will allege four of Rex’s directors breached their duties because they failed to take steps to ensure the market had accurate information about the company’s financial performance.”

The directors could face fines if they are found guilty of contraventions.

ASIC is not seeking fines against Rex Airlines, which entered voluntary administration in July this year.

The company’s administrators told ABC News: “It would be inappropriate for the administrators to comment on this as the matter is before the courts.”

NAB has titled this morning’s market wrap “When Doves Cry” — the bank’s market analysts always use a musical reference for the morning note’s title.

Those crying were anyone about to travel overseas, as the RBA’s “dovish” pivot, that is towards a softer stance on interest rates, saw the Aussie dollar crunched overnight.

“Since this time yesterday the biggest market movements have, in FX [foreign exchange], been in the AUD and NZD, with falls of just over 1% for both so extending last week’s losses, while in the rates market Australian bond yields are smartly lower against rises for most other benchmarks,” NAB’s head of FX Ray Attrill wrote.

“All down to the RBA’s ‘dovish pivot’ which has resulted in money markets now almost fully pricing 50bps [basis points] of cash rate cuts by next May.”

He said the Aussie dollar has now reached its lowest level in more than four months.

“AUD was already slipping into the RBA but crunched on the Statement, from around 0.6420 to test Monday’s 0.6380 low, before leaking lower in the European afternoon/New York morning to a low of 0.6365, its worst level since August 5.”

I have penned my own analysis of the RBA’s statement and Michele Bullock’s post-meeting press conference, see the link below:

The Australian share market is set for a modestly negative start to the day, after US markets dipped overnight.

The major US indices all lost around a third of a per cent, and the ASX 200 futures are pointing to similar losses locally.

Rachel Clayton will be joining you from 9am AEDT, while Kate Ainsworth will have you covered over the afternoon.

Stay with us for the latest market action and economic and business news.