ANZ Predicts Back-to-Back Rate Hikes as RBA Prepares for September Rise

The Reserve Bank of Australia (RBA) is expected to increase interest rates for back-to-back meetings, with major banks ANZ, Westpac, and CBA all tipping a September rise.

ANZ was the first to revise its outlook, predicting a 25-basis-point increase in September and another 25bp rise in November, taking the cash rate to 4.85% - a level not seen since 2008.

The change marks a more hawkish stance than ANZ's major-bank peers, with Westpac and CBA both moving to bring forward their forecasts for one further 25bp increase from November to September.