RBA sees headline inflation peaking at 4.5%, above 3% through 2027

The signal here is less the inflation peak than the pairing: above-target inflation running alongside a higher unemployment ceiling suggests the RBA is bracing for a stagflationary mix rather than a clean disinflation path. That combination constrains how quickly policy can ease, which matters for rate-sensitive sectors and for the Australian dollar's carry appeal. Whether these forecasts harden into a sustained higher-for-longer stance, and how unemployment tracks against the raised peak, is the open question worth watching.