Reserve Bank of Australia governor Michele Bullock is expected to look through data on Wednesday showing inflation dropped to a 3½-year low in September, as the central bank remains unconvinced the economy is ready for interest rate cuts.

Economists expect quarterly inflation figures on Wednesday to show inflation returned within the central bank’s 2 per cent to 3 per cent target band in September for the first time since March 2020, thanks in part to temporary state and federal government electricity rebates and lower petrol prices.