According to Jinshi Data, Luci Ellis, chief economist of Westpac Bank, said that Australia's second-quarter CPI data showed that price pressures continued to ease and the Reserve Bank of Australia may cut the official cash rate before November.

Ellis added that inflation data suggested the RBA's goal of returning inflation to its 2%-3% target range by the end of 2025 was still achievable. But she warned that the RBA needed to start cutting rates before it reached its target range, otherwise it risked sending inflation below target, which would be in no one's interest.