In line with expectations, the Reserve Bank of Australia (RBA) kept the cash rate at 0.10% at its sixth monetary policy meeting this year.
RBA Governor Dr Philip Lowe has repeatedly maintained that the cash rate will not change until inflation is sustainably within the 2-3% target band.
"For this to occur, the labour market will need to be tight enough to generate wages growth that is materially higher than it is currently. This is unlikely to be until 2024 at the earliest," Dr Lowe said recently.
However, Commonwealth Bank economists disagree – pencilling in a rate rise in November 2022, thanks to strong labour conditions and accelerating wage growth.