ANZ said the tone of the Reserve Bank of Australia's post-meeting statement remains hawkish on the inflation front, with the bank's expectation that the cash rate has peaked, although some risk of a final rate hike in November remains, according to a Tuesday note by the bank.

The bank said RBA staff are expecting trimmed mean inflation to average 0.8% quarter on quarter over the third and fourth quarters, but the trend in monthly trimmed mean suggests a slightly higher third quarter outcome is possible.

Given the end-point trimmed mean inflation forecast of 2.4%, the board may have some tolerance for a small inflation miss in the third quarter, while the RBA appears hopeful on the housing market, noting that momentum has shifted with prices falling in some capital cities and new housing loans declining noticeably, ANZ added.