Banks predict no more rate rises this year

Australia's major banks now predict no further interest rate rises in 2024 following June's inflation figures, which showed the headline rate falling to 3.8% and the underlying rate steady at 3.6%. Electricity prices rose 22.4% over the past year, new homes increased 5.8%, and rents climbed 3.6%, while petrol fell 10.9% in June due to the fuel excise cut, which Treasurer Jim Chalmers confirmed will not be extended. The RBA's next meeting is scheduled in two weeks, with economists suggesting these figures indicate no immediate need for rate rises, though inflation challenges remain.See omnystudio.com/listener for privacy information.