The most hawkish of the Big Four banks has backflipped on its expectation for two more rate hikes in the month ahead. "We no longer expect rate hikes by the RBA this year," she said after the data release. The bank now doesn't expect the official cash rate to rise again this year. As for any potential interest rate reductions, the bank believes Aussie mortgage holders and businesses will have to wait about a year, projecting recent hikes not being unwound until about August 2027. Meanwhile trimmed mean inflation remained steady at 3.6 per cent, defying central bank predictions of a rise to 3.8 per cent.