Australia's central bank will likely deliver a 25 basis point interest rate increase on Aug. 1 following a pause on Tuesday according to economists in a snap Reuters poll who were split on when and where the cost of borrowing would peak.
An ibis bird perches next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz/File Photo
The RBA began tightening policy in May 2022 and had raised rates at every meeting since, other than a pause in April. But it left them unchanged again on July 4 to assess the economic impact of its increases.to 5.6% on a monthly basis in May from 6.8%, well above the 2.0% target. Along with a still-strong job market and a rebound in house prices, expectations have strengthened for a rate increase at the August meeting.
More than 45% of respondents, 10 of 22, expected the central bank to raise rates once more in September, taking rates to 4.60% by the end of this quarter. The other 12 said rates would stay at 4.35%.
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