Australia’s inflation is slowing but still above target, delaying a rate cut until November.

Inflation in Australia is easing but remains above the Reserve Bank’s target, making a September rate cut unlikely. Governor Michele Bullock is set to testify before parliament on interest rates, productivity, and proposed changes to card payment surcharges, which the RBA views as outdated. August data may show underlying inflation dropping slightly to 2.5%–2.6%, still above the 2.4% level analysts say is needed for a cut, with markets now expecting a reduction in November. The RBA projects inflation will stay near the midpoint of its 2% to 3% target for years. Global markets rose, with US stocks gaining on strong earnings, including from FedEx, and Australian share futures and the S&P/ASX200 also climbed.