Job figures are set to take centre stage as economists continue to mull whether borrowers have seen their last Reserve Bank rate cut this cycle.

In the first major piece of economic data since the RBA left interest rates on hold last week, the unemployment rate is expected to tick back down to 4.4 per cent when October numbers are released by the Australian Bureau of Statistics on Thursday.

The central bank painted a bleak picture of Australia's economic outlook on Tuesday, with updated forecasts revealing underlying inflation was expected to stay above its target band until at least mid-2026.

With the inflation dragon proving more untamed than had been hoped, governor Michele Bullock conceded it was possible there were no more rate cuts coming down the pike.

One scenario that could fo

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