Australian homeowners are staring down a bleak Christmas as the RBA looks poised to keep the cash rate on hold at its upcoming board meeting today – at exactly the time when families need relief most.

The consensus from economists and banks is that high inflation will scupper any chance of another interest rate cut and many are now predicting a new cut, if it comes at all, will occur over February.

Trimmed mean inflation, which the RBA views as the most accurate measure, was 3.2 per cent over the year to September, above the RBA target band of 2-3 per cent.

AMP chief economist Shane Oliver said the inflation uptick meant a Melbourne Cup Day rate cut was improbable, but a weakening jobs market also kept the door open for a cut in a few months’ time.

“The high reading for trimmed mean in

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