The Australian sharemarket opened lower on Melbourne Cup Day as investors await the Reserve Bank’s interest rate decision and outlook for future rate cuts in the afternoon.

The S&P/ASX 200 was down 29.8 points, or 0.3 per cent, at 8865 as of 10.55am AEDT, led lower by miners, energy stocks and utilities. The local bourse edged up 0.2 per cent on Monday after bank shares climbed, as Westpac kicked off a round of profit reports from the sector. The Australian dollar was trading at US65.36¢ at 10.38am.

The RBA will announce its decision at 2.30pm AEDT, with the central bank expected to keep rates on hold after a surprise jump in inflation that was revealed last week. The focus will be on the policy statement accompanying the decision and governor Michele Bullock’s comments in a press br

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