As an aside, just be wary that recently the RBA has a tendency to deliver rather unorthodox rate hikes so that is something to keep in mind when going into today's decision. The fact that the cash rate stands at 1.35% is a testament to that i.e. not divisible by the typical 25 bps rate moves.
In any case, a full 50 bps rate hike is very much baked into pricing already and I would argue that if the RBA has the propensity to surprise, it will be to the upside; perhaps in the realms of a 65 bps rate hike instead.
As for the outlook, the RBA should eventually respond in similar fashion to the Fed. They're getting closer to neutral now and that should allow for policymakers to stress data dependency and the want/need to act more flexibly. That kind of subtle pivot may not take place today but it is something to watch out for in case.
The July monetary policy decision can be found here.
