The RBA looks at the seasonally adjusted CPI which still dec...

The RBA looks at the seasonally adjusted CPI which still decreased, plus the main drivers are housing (+5.2%), transport (4.9%), energy (6.5%), and alcohol/tobacco (+6.7%). The next highest is food which is at 3.3% and dropped from 3.8% last month, so within the bounds of acceptability. Interest rate hikes aren’t going to reduce housing or alcohol/tobacco, but they might help out with transport and energy.
Housing in this only includes rent and new dwellings, and the main driver there is a shortage of housing, something we’ve seen interest rates hikes will worsen in the current economic cycle by reducing the number of new developments. Alcohol/tobacco goes up during periods of financial and economic hardship and won’t drop until the current issues are solved, one could argue that an interest rate hike would actually increase this in the short term by putting more financial stress on people, long term it depends on whether or not it prevents a recession. Housing in particular is on the government, not the RBA, to solve, but as a result so is alcohol/tobacco. Hard to argue that they’d increase rates just to bring down transport and energy when everything else is already in or close to the target band. It’d be better for the government to target transport and energy directly with their policies.
On the surface it might look like a rate hike is needed, but a deeper look suggests it won’t actually help. So I doubt the RBA will do another hike based on this information.