Mortgage holders stressed by the prospect of another interest rate cut will need to hope Australians are not earning as much as predicted.

The quarterly wage price index, out on Wednesday, looms as one of this year's last game-changing releases.

Running at 3.4 per cent in the year to June, a repeat of that figure - which is both the market consensus and the Reserve Bank's forecast - would represent no change to the already slim prospects of a cut.

Should it tick lower, a rate cut could be back on - most likely in the first half of 2026. If it runs higher, it could signal the bottom has been reached in this cycle of cuts.

"Another rate cut is already down to around a 40 per cent chance on the money market," AMP chief economist Shane Oliver told AAP.

"If you go back a few months ago, th

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