RBA Set for Fourth Rate Hike as Markets Price in September Move
The Reserve Bank of Australia is set to make its next interest rate decision on September 28-29, and economists are closely watching unemployment figures and central bank appearances for clues.
With markets pricing in a 25-basis-point hike at about 90%, the RBA's board has shown a preference to wait for quarterly inflation data, which is due out the day after the meeting concludes.
RBA Governor Michele Bullock told a parliamentary committee on Friday that getting inflation back to its 2-3% target band was 'the main game', and Westpac chief economist Luci Ellis brought her rate rise prediction forward from November to September on the back of Bullock's comments.
JPMorgan's analysts don't expect labour market data released on Thursday to prevent a September hike, forecasting an unemployment rate of 4.5% alongside a 15,000 employment gain and steady participation rate.