Economists expect the Reserve Bank of Australia to deliver its first post-pandemic interest rate cut in February 2025, lowering the cash rate to 3.6 per cent by the end of next year.

But analysts say bond-market expectations for rapid interest rate reductions – potentially as soon as November – are unlikely, after RBA governor Michele Bullock this week explicitly ruled out a pre-Christmas rate cut as she left the cash rate on hold at 4.35 per cent.