Commonwealth Bank economist Belinda Allen said the Reserve Bank of Australia’s November policy meeting remains highly uncertain. CBA still expects no rate hike but concedes a substantial risk of being wrong. Allen said recent RBA commentary has been noticeably hawkish—focusing on upside inflation risk and paying less attention to downside growth risk—signalling the bank remains worried inflation could persist and may need to maintain a more cautious policy stance.

2026-10-13

Commonwealth Bank economist Belinda Allen said the Reserve Bank of Australia’s November policy meeting remains highly uncertain. CBA still expects no rate hike but concedes a substantial risk of being wrong. Allen said recent RBA commentary has been noticeably hawkish—focusing on upside inflation risk and paying less attention to downside growth risk—signalling the bank remains worried inflation could persist and may need to maintain a more cautious policy stance.