Reuters poll ahead of the Reserve Bank of Australia meeting next week (statement is at 0430 GMT on 6 September 2022 ):
- 27 of 29 economists in the 1 Reuters poll forecast the RBA would hike the cash rate by 50 basis points (2 of the 29 expect +40bps) at its Sept. 6 meeting, taking rates to 2.35%
- All four major local banks - ANZ, Westpac, CBA and NAB - were among those expecting a 50 basis point hike on Tuesday.
- the neutral level that is neither stimulative nor restrictive, estimated by the RBA at 2.50%
- "All of the inflation indicators are telling you inflation pressures are still building, and interest rates are still well below where the RBA thinks neutral is. Given that, I think they will do 50 basis points," said David Plank, head of Australian economics at ANZ. "But after next week's move and when they get to 2.35%, assuming they go 50, I think the choices for October and November will become 25 or 50. We don't think they're going to drop to 25, but there is a chance they might."
RBA OCR:
