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Punters are backing a 25-basis-point increase in the official cash rate when the Reserve Bank of Australia (RBA) holds its next board meeting on Melbourne Cup Day, November 3.

Bookmaker Centrebet says a 25-basis-point increase is favourite at odds of $1.45, while a 50-basis-point increase stands at $2.10.

Punters can get $6.00 for the cash rate staying on hold, $17.00 for an increase above 50 basis points and a whopping $101.00 for any shock fall in the rate.

The RBA raised the cash rate to 3.25 per cent, from 3.0 per cent, at its October board meeting, the first increase in 19 months.

“The RBA is not likely to make an earlier-than-expected increase in October and then and not follow it with another one in November,” Centrebet media chief and financial analyst Neil Evans said revealing the latest rate decision odds on Monday.

“It’s a matter of how far they go before a likely cooling-off over the Christmas period.”

For the first time, Centrebet is offering punters a chance of backing a double of the RBA’s rate decision and the Melbourne Cup winner.