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While the Melbourne Cup is often hailed as the race that stops the nation, research commissioned by the Victoria Racing Club has found that economically, it may do the opposite. The 4 day Carnival contributed $374.2 million of gross economic benefit to Victoria last year alone, up from $364.5 million in 2013.

October defied gravity, and proved to be a good month for stockmarkets. Most posted their best monthly return in 4 or 6 years. Central Bank action (or inaction) largely drove direction. The Central Bank wrap is as follows:

After a week where Australia logged one of its lowest periods of inflation, the US Federal Reserve sounded “hawkish”, and the Australian Major Banks (CBA, WBC, ANZ, NAB) upped borrowing rates by 15-20 basis points – Tuesday’s Reserve Bank of Australia meeting was looking like a line ball call.