The Melbourne Institute's survey on Australia's consumer inflation expectation revealed the expected inflation rate fell by 0.2 percentage points to 4.2 percent in August from 4.4 percent in July.

According to the report, the weighted proportion of respondents (excluding the 'don't know' category) expecting the inflation rate to decrease within the 0-5 percent range rose by 1.2 percentage points to 67.6 percent this month. Meanwhile, the weighted mean of responses within this range was unchanged at 2.5 percent.