Economist Saul Eslake says there’s no need for a fourth consecutive rate rise.

Borrowers are in for a world of pain today and for the rest of the year, if economists’ rate hike predictions prove true.

Tomasz Wozniak from the University of Melbourne is confident the official cash rate will be lifted today, which would see a new rate of 4.60 per cent if the RBA was to stick to its usual 25 basis point movement.

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“My forecasting system predicts this decision with a record-high 88 per cent probability, reflecting market expectations in light of the latest developments,” Mr Wozniak told Finder’s cash rate survey. “All models indicate this decision, with the bond-yield curve models suggesting a more hawkish approach, and univariate models of the cash rate target setting on a moderate increase. If this prediction materialises, this would be the highest level of interest rates since October 2011.”

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Richard Whitten, Finder said experts believe there are still more hikes to come.

While Finder’s cash rate survey saw its other 37 panellists tip a hold call today, more than half believe there are further hikes ahead in 2026 and a worrying 62 per cent of those believe more rate pain will come as soon as August, the next time the central bank meets after today.

Richard Whitten, home loans expert at Finder, said a cash rate hold today would be welcomed by homeowners.

“After three hikes in a row, a pause will feel like a win for borrowers who’ve watched their repayments climb all year,” Mr Whitten said.

“But the cash rate is still at its highest level in years, and more than half of our experts think there’s another hike still to come.”

Madeline Dunk of ANZ said “an August rate hike is a risk”, while Brodie Haupt of WLTH added “the worst may not be over for homeowners as political tensions could mean uncertainty later in the year.”

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Meanwhile, David Robertson from Bendigo Bank flagged that “the next hike may not occur until around November.”

Dr Nalini Prasad said the labour market was softening.

A common belief among economists surveyed was that inflation remained too high, but that three previous rate hikes had afforded the RBA some breathing room to adopt its preferred ‘wait and see’ approach.

“Inflation remains high but the labour market is softening and there is uncertainty about the conflict in the Middle East,” said Nalini Prasad of UNSW Sydney.

Meanwhile, Saul Eslake of Corinna Economic Advisory noted that monetary policy was now “in restrictive territory”.

“Headline inflation was a bit lower than expected in April and the labour market softened a bit more than expected,” Mr Eslake said. “None of that rules out further rate increases at some point, but it does reduce the need for a fourth consecutive rise.”

Supplied Money Compare the Market economic director David Koch

David Koch wants the RBA to give some relief to struggling borrowers.

Today’s decision comes after numerous commentators called for relief from the RBA.

Compare the Market’s David Koch suggested the central bank were out of touch with what Australian households were going through, while Dale Gillham from Wealth Within called for a rate cut in June, despite later admitting “the RBA wold be loath to lower rates (this meeting), especially after raising them at their last meeting.”