This will be Philip Lowe's last meeting as RBA governor, before officially handing over the reigns to Michele Bullock. As such, don't expect much fireworks - especially since there hasn't been much developments since the 1 August decision here.
The odds of there being no change to the cash rate today is at ~95%, so this should be quite a straightforward one. I would expect the language in the statement to remain more or less the same as it was a month ago with the RBA noting that "some further tightening of monetary policy may be required" and that they need more time to assess economic conditions.
In terms of the pricing outlook for the RBA, traders are not seeing any more rate hikes with the peak rate priced in being at 4.16%. Essentially, markets are just waiting for the moment when the RBA will pivot towards a softer stance in their forward guidance to start pricing in rate cuts more aggressively.
The Australian dollar itself should see a rather muted reaction today, so long as the RBA sticks to the script.
