Commonwealth Bank and ANZ have fallen into line with the country’s two other major lenders forecasting an interest rate rise as soon as next week, changing their position after officials at the Reserve Bank of Australia delivered a stark warning about the dangers of persistent inflation.
RBA governor Michele Bullock told a parliamentary inquiry on Friday that the risks of inflation continuing to rise were “materialising”, and the board would have to decide whether the three interest rate increases already delivered this year were enough to stamp out resurging prices.
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