Economists are widely predicting a third consecutive rate rise when the Reserve Bank of Australia board meets next week.
The chances of another interest rate rise were boosted yesterday when RBA deputy governor Ric Battellino declared Australia’s economy had entered a “new upswing” that would underpin growth for years.
“With the economy having only recently entered a new upswing, it is reasonable to assume that we will see this growth extended for a few more years yet,” he said.
The central bank has already increased interest rates twice since September, when interest rates dropped to a 49-year low of three percent.
The board will meet on Tuesday 1 December to discuss the cash rate.