Three of Australia’s big four banks now expect the Reserve Bank of Australia (RBA) to raise interest rates again this year after July inflation exceeded expectations. NAB expects a hike at the RBA’s September 29–30 meeting and sees another increase as early as November if economic activity remains resilient. CBA and ANZ are forecasting a November hike, while Westpac expects rates to remain unchanged. The RBA has held its policy rate at 4.35% for a second consecutive meeting this month after delivering three hikes this year. Markets now assign a 50% probability to a September increase to 4.6%, up from 17% before the inflation data, and price in 30 basis points of additional tightening by February next year. The revised forecasts highlight persistent inflationary pressure and a sharp shift in expectations for Australian monetary policy.