NAB expects the RBA to raise rates by 25 bps to 4.6% in September

A single bank's call ahead of an RBA meeting is an input to pricing rather than news in itself; the read depends on whether it marks a shift in consensus or an outlier position, and whether other houses follow with revisions, since clustering of forecast changes ahead of a meeting has historically been a stronger signal than any lone call. The distinction that matters for the front end is between a one-off hike and an extended path: a forecast framed around persistent inflation or wage pressures prices differently in the 1-3y part of the curve than one framed as a terminal adjustment. For AUD the channel is the rate differential against the Fed and RBNZ paths, where RBA repricing has tended to transmit most cleanly when it diverges from peers rather than moving in sympathy with them. Worth noting is how the call sits against current market pricing of the meeting, since the closer pricing already is to the forecast, the thinner the residual repricing on the day. The follow-ons are the usual sequence: other houses' revisions, the prior meeting minutes, and any RBA-speak that validates or pushes back on the implied trajectory.