After the RBA this week signalled that it will no longer be patient when it comes to tightening policy, the consensus has come around to our long-held view that the Bank will start to lift interest rates in June. To be sure, a rate hike isn’t a done deal yet as the Q1 wage figures due next month will still show sluggish wage growth. But our view is that another upside surprise in underlying inflation will force the Bank’s hand.
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