According to Jinshi, in response to Australia's higher-than-expected CPI data in the first quarter of 2024, ANZ Bank believes that the Reserve Bank of Australia hopes to see lower inflation in non-trade goods and services for several quarters to ensure that overall inflation will not only return to the target range of 2-3%, but will remain in this range. ANZ Bank's basic assumption is still that the Reserve Bank of Australia will start cutting interest rates in November. The first quarter CPI data is consistent with the risk of starting to cut interest rates later.