"Indeed, on our forecasts, core inflation is set to remain below 2 percent until late 2018", the report said, citing, Jo Masters, Senior Economist, ANZ Research.
Australia's annual inflation rate slowed unexpectedly in the second quarter, a sign that cost pressures were ebbing after a sharp pickup at the start of the year.
Offering a small glimmer of hope for those who want inflation to pick up - which includes the Reserve Bank and the federal government - so-called non-tradables prices rose 0.4 per cent in the quarter.
The most significant price rises for the quarter were medical and hospital services (+4.1 percent), new dwelling purchase by owner-occupiers (+0.9 percent) and tobacco (+1.0 percent).
"The decline was largely driven by a 2.5 percent quarter on quarter (q/q) fall in the petrol price, and a 3.2 percent q/q drop in the price of domestic holiday travel", Hickie said.
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"Obviously the RBA is not going to be happy with these levels".
Capurso adds that should the governor want to curb recent Australian dollar strength, the speech will provide an opportunity to hose down growing speculation that the RBA may deliver a rate hike before year-end.
Consumer prices grew less than expected in the June quarter.
Annual growth in non-tradables prices - which accounts for around 65 per cent of the overall CPI and is influenced by wages - accelerated slightly to 2.7 per cent in the second quarter from 2.6 per cent. Prices gained most for health. It was also up 1.8 percent on year, above expectations for 1.7 percent, which would have been unchanged.
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