Recent RBA communications, including Deputy Governor Andrew Hauser’s October remarks on a materially worse inflation outlook driven by elevated oil prices, have reinforced trader expectations for further tightening, supporting the 66.5% implied probability of a 25 basis point cash rate hike to 4.85% at the November 2-3 meeting. Headline CPI reached 4.0% in August while trimmed-mean measures remain near 3.5-3.6%, well above the 2-3% target, with upside risks from global energy costs. Counterbalancing factors include a softening labor market, with unemployment at a five-year high of 4.7% in September, and evidence that prior 100 basis point tightening is weighing on activity. The October 28 quarterly CPI release and ensuing data will shape the final assessment ahead of the decision.