The Reserve Bank of Australia (RBA) is expected to hold the official cash rate at 3.6% when its board meets tomorrow, with inflation pressures reducing the likelihood of further near-term easing.

Markets and all four of the nation’s major banks now forecast a September pause, marking the first unanimous call of 2025.

Analysts say a surprise uptick in August inflation to 3%, which was the fastest pace in more than a year, has shifted the conversation from “when” to “if” another cut arrives this year.

The RBA has already trimmed rates three times in 2025 as policymakers sought to balance falling price growth with a still-tight labour market.

Until recently, economists were confident of another reduction on Melbourne Cup Day in November. But Commonwealth Bank’s Belinda Allen warns that is

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