Australia's strong employment report for August has led Commonwealth Bank of Australia (CBA) to push back its prediction of the Reserve Bank of Australia's (RBA) first rate cut from November to December.

"Not everyone is ready for a rate cut in November," said Gareth Aird, CBA's Head of Australian Economics. He added that while inflation will continue to cool, strong recent employment growth combined with RBA Governor Philip Lowe's relatively hawkish comments suggest December is now more likely for the start of cash rate normalization.