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RBA August Rate Hike Prospects Rise as Westpac Advances Rate Cut Timeline to August 2027

GateNews
Forex
According to Westpac's chief economist Lucy Ellis on July 10, the Reserve Bank of Australia's (RBA) likelihood of raising its benchmark rate in August has increased. Recent inflation and labor market data aligned with expectations, reinforcing confidence in an August rate hike amid supply shocks. Westpac maintains September as its base case for additional rate increases but reduced conviction on further hikes beyond that period. The bank also advanced its rate cut timeline from early 2028 to August 2027, as it expects lower inflation in 2027 that the RBA will find difficult to ignore, though the central bank is expected to cut rates cautiously at 25 basis points per quarter.
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