The one critical number to watch for an August Reserve Bank Australia interest rate hike
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The critical number to watch for an August Reserve Bank of Australia (RBA) interest rate hike is the Q2 trimmed mean inflation. If the Q2 trimmed mean CPI is 1.1% or above, an August rate hike is more likely. However, if it is 0.9% or less, the RBA is expected to leave the cash rate on hold. A Q2 trimmed mean CPI result of 1.0% is considered in the 'grey zone', and other important data, such as the June labor force survey, will also factor into the decision. The official CPI data is due on July 31, and the RBA meeting follows on August 5 and 6.

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