The Reserve Bank of Australia's cash rate stands at 4.60% following its unanimous 25-basis-point hike on September 29, with the November 3 decision now the focal point for traders. Elevated inflation—headline CPI at 4.0% year-over-year in August and trimmed mean steady at 3.6%—combined with upside risks from energy costs and persistent domestic price pressures, underpins the 73.5% market-implied probability of no change versus 24.9% for a further 25-basis-point increase. Major banks remain split, with ANZ and Westpac viewing another hike as base case or more likely than not, while CBA and NAB see a hold as probable yet acknowledge the move remains live. The September-quarter CPI release on October 28 represents the key near-term catalyst that could shift pricing, alongside labor-market data and global oil developments.