Australian consumer spending rose solidly in September, reflecting higher fuel costs, while discretionary spending also remained resilient, according to NAB’s Consumer Spend Trend.
RBA Watch: NAB now expects the RBA to hike in September - NAB
27 August 2026
Interest Rates Economy and Markets
Key points
- We now expect the RBA to increase the cash rate by 25bp in September to 4.6%.
- July CPI data showed inflation running hotter than the RBA expected in early August, and the RBA has repeatedly signalled in recent weeks that the Monetary Policy Board would act if upside risks to inflation were realised.
- The risk is biased towards an additional hike in November, especially if activity data shows resilience in coming months
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