By Wayne Cole

SYDNEY (Reuters) -Australia’s central bank has a problem communicating that has injected an element of unpredictability into interest rate policy when global uncertainty is already high, and its proving costly for investors.

It all stems from an April shake up at the Reserve Bank of Australia that shifted rate-setting power entirely to a new nine-member Monetary Policy Board.

At just its second meeting in May, the board decided to cut cash rates by a quarter point to 3.85% and sounded more dovish than analysts expected, even briefly considering an easing of 50 basis points given the uncertainty caused by U.S. tariffs.

This, combined with some soft economic data, led investors to wager heavily on another cut in July while a Reuters poll of 37 economists found 31 expected a

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