RBA Interest Rate Hike Looms as Major Banks Predict November Increase

The Reserve Bank of Australia (RBA) is likely to raise interest rates in November due to concerns over persistent inflation, according to major banks including Commonwealth Bank of Australia and National Australia Bank.

NAB forecast an imminent increase at the RBA's next policy meeting on September 29-30, with a possible additional hike in November if economic activity remains resilient.

CBA and ANZ now expect a rate rise in November after the July inflation data, while Westpac has not changed its view that rates will stay on hold.

The RBA kept interest rates steady at 4.35% this month for a second consecutive meeting, after three hikes earlier this year aimed at curbing inflation.