Banks Converge on Rate Hike Expectations Ahead of RBA Meeting

Two major Australian banks have echoed the Reserve Bank of Australia's (RBA) expected rate hike at next week's monetary policy meeting.

CBA has revised its prediction, now anticipating a September hike earlier than its previous forecast in November. Citing the risk of subsequent hikes depending on upcoming inflation prints and oil prices, the bank emphasized that another increase is possible if these factors remain high.

Similarly, ANZ also expects consecutive rate hikes in September and November, highlighting the potential impact of rising inflation and international market pressures on the Australian economy.