According to CoinMeta, Luci Ellis, the chief economist of Westpac Bank, stated that the Reserve Bank of Australia's decision to maintain interest rates unchanged was in line with market expectations, but what is more noteworthy is the change in its policy guidance. Westpac Bank believes that the RBA's statement, which indicates that it is only prepared to raise interest rates if there is a risk of rising inflation, is more explicit than the more vague wording from the May meeting, which mentioned "if necessary." Although the RBA has not made a clear stance, it has actually lowered its expectations for interest rate hikes. Westpac Bank's baseline expectation has shifted to maintaining interest rates unchanged until mid-next year, based on inflation and labor market data that are lower than the RBA's forecasts from May. Nevertheless, Westpac Bank cautiously describes this as a "hawkish pause" rather than a "relaxation of interest rate restrictions." There is still a possibility of further interest rate hikes in the remainder of this year, although this likelihood is small and mainly depends on the transmission effects of energy-related costs and the development of the situation in the Middle East.