Commonwealth Bank of Australia said that Australia's economic slowdown is unlikely to prevent the Reserve Bank of Australia from raising the official cash rate again, according to a Thursday report by the bank.

CBA noted that Australia's economy grew 0.4% in the June quarter, with the gross domestic product 2.1% higher than in the June quarter of 2025, adding that the economy remained largely resilient but was losing momentum.

Commonwealth Bank continues to expect the Reserve Bank of Australia to raise the cash rate in November, while its Head of Australian Economics Belinda Allen said there remained a risk of an earlier move in September.

The bank added that upcoming labor force data will be the final key release ahead of the September meeting.