Goldman Sachs forecast the RBA to hike 50bps in both August and September

Goldman Sachs had previously been projecting a 25bp interest rate rise from the Reserve Bank of Australia in August and 25 bp in September.

• Revised now to +50bp at both of those meetings.

On Tuesday evening Reserve Bank of Australia Governor Lowe gave in interview on the local telly:

• RBA's Lowe: Australians need to be prepared for higher interest rates

Expectations are already in place for a 50bp rate rise at the next meeting, July 5.

The REBA, like so many other central banks, is well behind the curve.