Golden Ten data, November 21 news, West Pacific Bank now expects the Reserve Bank of Australia to start cutting interest rates in May next year, later than the previously predicted February. The bank's chief economist Luci

On Aug. 1, Westpac's Chief Economist, Luci Ellis, said that the CPI data for the second quarter released by Australia on Wednesday strongly proves that the price pressure on the entire economy continues to ease. The Reserve Bank of Australia may lower the official cash Intrerest Rate before November. She added that the inflation data suggests that the RBA still has a chance to restore inflation to the target range of 2%-3% by the end of 2025. Ellis further commented that the RBA needs to start cutting interest rates before reaching the target range, otherwise it may result in inflation falling below the target, which is not beneficial to anyone.

Westpac chief economist Luci Ellis said the RBA would not see anything motivating it to raise interest rates from this week's unemployment data. Ellis called September's unemployment data "mixed" and noted that the labor market is continuing to cool gradually. She said quarterly CPI growth in September would have to significantly exceed Westpac's forecast of 1.1% before the RBA could raise interest rates in November. That being said, she sees commodity prices, service price inflation and labour costs as concerns. In addition, factors such as rising house prices and high bond yields complicate the situation.