Australian Banks Predict Another Interest Rate Hike This Month

Australia's major banks have shifted their forecasts and are now predicting another interest rate increase before the end of the year.

The Reserve Bank of Australia (RBA) is facing renewed pressure to raise the cash rate due to stubborn inflation and stronger-than-expected economic growth.

According to Westpac, there's a 60% chance of a 0.25 percentage point increase at the RBA's September 29 meeting.

All four major banks - Commonwealth Bank (CBA), NAB, ANZ, and Westpac - now expect the cash rate to rise to 4.60%.