SYDNEY. Oct 9- Now that the dust has settl'd ahT the R- serve Bank ol Australia's iRBAl surprising decision tn keep interest rales steady for October analysts have gone bac k to tiie drawing board and now expect a rate rise next month, says Reuters

Though an increasing mi-norily believes the tightening cycle has (leaked, most econo-misis surveyed bv Reuters be-lieie the central bank has merely paused In its tightening .campaign that has produced Bbve rate rises so far

A poll of 24 analysts lound 14 expert another quarter-point tightening after its No-v’-ihIk r 7 meeting, winch would take the cash rate to 6.5 per cent and jiaritywith US rates

Anoflifr stv r'tff* VriVAiitl't^r or December, uhib tour believe there will be no iimn- rale ri-ses. Though inflation risks have undoubtedly risen, there arc signs that domestic growth is beginning to slow making the decision to lighten again particularly tough

“it s so finely balanced, (his is the hardest point I have ever known in assessing the Bank.' said long-time RBA-watcher Tony Meer, senior economLsI at Deutsche Bank

Since the uncertainties about global and domestic growth are on the rise, manv believe the RBA missed a prime opportunity to hike when itnancial markets were ready lor it

And since the RBA does not publish its foard minutes or issue a statement after steady

policy, unlike oilier central banks, its reasons for holdings tire are a mystery.

While October was seen as relatively risk-free to slip in another tightening. November is fraught with difficulties because a move would closely follow inflation figures jacked higher by the Government s |() per cent Goods and Services Tax. That risks some easy point-scoring by the opposition.

November is a can of worms, because it is going Io be vrrv politically unpopular with the. government." said Meer

The consumer price index due on October 25 is hkelv to show an annual rate ol iimrr than six per cent, with around three per cent of that sheeted home to the GST.