Westpac expects inflation to remain above the Reserve Bank's target 1-3% range for all of next year.
The bank's chief economist Kelly Eckhold says the Reserve Bank will probably have to hike the official cash rate in the first half of next year, with gradual reductions from early 2025.
This means many households that are already facing high interest rates and rising living costs will continue to struggle.
Eckhold spoke to Corin Dann.
