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Australian shares are poised to drop sharply at the open. ASX futures were down 81 points or 1 per cent to 7693 near 8am AEST. The sluggish open comes after Wednesday’s inflation data topped expectations at 4 per cent for the year to May.

NAB economists have revised their RBA outlook to now expecting the RBA to remain on hold for longer, with a first rate cut now unlikely until May 2025.