Via Reuters poll of 32 analysts ahead of the Reserve Bank of Australia November 1 meeting.
- 28 of 32 said the RBA would hike its cash rate by 25 bps to 2.85%
- the remaining four forecast a 50 bp rise
NAB comments on the higher than expected CPI rate reported earlier this week:
- "In these circumstances, the RBA will need to move monetary policy into more clearly restrictive territory to ensure inflation returns to target,"
- added that while the strength of inflation meant the board would likely debate the possibility of a 50 bp hike, "we see a 25 bp hike as being slightly more probable given recent communications".
ANZ, CBA and NAB expect a 25 bp hike on Tuesday, while Westpac predicted a 50 bp rise.
More from the poll report:
- 30 of 32, predicted another 25 bp hike at the RBA's December meeting
- 16 of 31 now expect rates to reach 3.60% or higher by end-June 2023, a quarter point higher than predicted in an October poll
---
The RBA hiking cycle so far:
