A hold from the RBA with continued hawkish rhetoric is the base case CBA is pricing in, and that combination, no move but no dovish pivot either, suggests limited near term direction for AUD from the decision itself. Taken together, CBA said, those trends give the Board room to hold rather than move again so soon. Even so, CBA expects the RBA to keep its language firm, reiterating that inflation remains elevated and that it stands ready to raise the cash rate again if conditions warrant it. The bank's view builds on its reading of June's inflation data, which it said showed higher input costs were not broadly flowing through to consumer prices. CBA said at the time the result supported its call for the RBA to stay on hold through the rest of 2026, adding that the softer outcome offered some reassurance that price pressures were easing slightly faster than its own forecasts had anticipated.