The mood has turned against further interest rate cuts, with jobs data convincing more forecasters the Reserve Bank's easing cycle is at an end.

NAB on Thursday became the latest big bank to abandon its call for a rate cut in 2026, after the Australian Bureau of Statistics reported employment jumped by a larger-than-expected 42,000 jobs in October.

The unemployment rate fell from 4.5 per cent to 4.3 per cent, also wrong-footing economists, who had predicted the rate to edge down to 4.4 per cent.

On top of a still tight jobs market, underlying inflation is on track to print above the Reserve Bank's two to three per cent target band for the next six months, activity is accelerating, and the economy is showing signs of being at full capacity, NAB economists say.

The assessment follows com

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