No rate cut until mid-2026, says NAB chief economist | The Business | ABC NEWS

Inflation has surged in the September quarter with consumer prices rising at an annual pace of 3.2 per cent, up from 2.1 per cent in the June quarter.
The “trimmed mean” for the September quarter, which strips out the most volatile price moves up and down, came in at 1 per cent. The headline number was 1.3 per cent. On an annual basis, the trimmed mean lifted to the top of the RBA’s target band at 3 per cent.
It was much hotter than the RBA and market economists were expecting, squashing hopes of a rate cut next week.
In fact, NAB chief economist Sally Auld told The Business NAB isn’t expecting another rate cut until mid-2026. “No rate cuts for the rest of this year, likely no rate cuts in the first quarter of next year, but we do have one more rate cut in our profile but not until May of 2026,” She said. “I think really the message from today’s numbers is that it is going to require a little bit of patience on the part of mortgage holders just to give the Reserve Bank a good chance to get comfortable and a bit more confident in terms of some of the underlying drivers of inflation.”
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