S equities decline last night and the RBA minutes – which commented on the RBA's drastic run of rate cuts in the past weeks, cutting by two percentage points to 5.25% amidst recession fears.

Markets were not expecting such robust growth Numbers, especially in light of the RBA rate meeting just a day earlier where the economic outlook was deemed gloomy enough to warrant a rate cut.

Some dovish statements by the RBA highlighting global economic uncertainty and a slowdown in domestic inflation are leading markets to forecast a cut of 25bps to 4.5%.