Economists are finetuning their forecasts the next week's federal budget with a pandemic-induced deficit of $200 billion now likely. The Reserve Bank is also poised to cut the cash rate to a new record low of 0.1 percent. But Westpac chief economist Bill Evans believes that rather than a budget day rate cut, the RBA will hold off until the Melbourne Cup Day meeting in November. Featured: Bill Evans, Westpac chief economist; Peter Ryan, ABC.