ANZ expects the Reserve Bank of Australia to deliver 25bps hikes in both September and November, with the September move lifting the cash rate to 4.60%. September would be the fourth 25bps increase this year and take rates to around a 15-year high; A

2026-09-29

ANZ expects the Reserve Bank of Australia to deliver 25bps hikes in both September and November, with the September move lifting the cash rate to 4.60%. September would be the fourth 25bps increase this year and take rates to around a 15-year high; ANZ expects a further 25bps in November that would push rates to levels not seen since 2008. The call is driven by stubborn inflation from domestic demand outstripping supply and a recent U.S.-Iran conflict-driven spike in oil and gas prices that has fed through into other sectors. ANZ says the RBA is likelier to treat the oil-price rise as an inflation shock rather than a growth shock, increasing the odds of two hikes rather than one.