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Westpac issues a chilling warning of a super-sized rate rise coming NEXT WEEK as inflation soars in the fastest pace in 32 years
- Westpac is forecasting a 0.5 percentage point interest rate rise on November 1
- Only Big Four bank to explicitly forecast a 50 basis point increase next weekÂ
- ANZ, NAB see bigger rate rise as outside chance still forecasting 25 basis points Â
Westpac has become the first big bank in Australia to forecast a larger 0.5 percentage point interest rate rise next week.
Inflation in the year to September surged by 7.3 per cent – the fastest pace since 1990.
This has seen Australia’s Big Four banks adjust their interest rate forecasts for the Reserve Bank of Australia.
Westpac has become the first big bank in Australia to forecast a larger 0.5 percentage point interest rate rise next week (pictured is a Sydney branch)
Westpac is the first of the bank banks to explicitly forecast a larger half a percentage increase to the cash rate on November 1, that would take it to a new 10-year high of 3.1 per cent from an existing nine-year high of 2.6 per cent.Â
ANZ and NAB regard a 0.5 percentage point increase as an outside chance but are still regarding a 0.25 percentage point increase as more likely.
The Australian Bureau of Statistics on Wednesday released new inflation data for the September showing the consumer price index grew at an annual pace of 7.3 per cent – the steepest increase since June 1990.
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