Poll: Australian central bank to raise rates by 50 bps next week

Analysts say the Reserve Bank of Australia (RBA) has work to do to get inflation back to its preferred 2-3% range. theSun theSundaily inflation economy business news bps Banks Australia

A pedestrian looks at his phone as he walks past a logo for Westpac Banking Corp outside a branch in central Sydney. All four major Australian banks – ANZ, Westpac, CBA and NAB – are expecting a 50-basis-point interest rate increase on Aug 2. – Reuterspix: Australia’s central bank will deliver its third consecutive half-point interest rate increase on Tuesday and another in September, playing catch-up with peers in a campaign to contain surging inflation, a Reuters poll of economists found.

This would be the first time the RBA has raised rates by half a percentage point at three consecutive meetings since the introduction of the cash rate in 1990.“Inflation clearly is running hot. This should keep the pressure on the RBA to continue to move quickly towards a more neutral setting of policy,” said Taylor Nugent, economist at NAB who sees the RBA moving by 50 bps in August and September.

The RBA is then expected to deliver a fourth consecutive 50 basis point hike at the September meeting.

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