‘The RBA has to do more’: ANZ predicts another interest rate hike

ANZ Economist Madeline Dunk says stronger-than-expected demand and rising discretionary spending suggest inflationary pressures remain too strong, prompting the bank to predict another RBA rate rise in November. “We’re seeing the data is suggesting that maybe demand isn’t as weak as what we were all thinking,” Ms Dunk told News24 Business Editor Ross Greenwood. “A lot of the upwards surprises were in discretionary areas. “All of that is suggesting that the RBA probably has to do a bit more and we’ve changed our rate call; we’re expecting the RBA will hike again in November.”