<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ANZ has followed the other big four </span><a href="https://www.9news.com.au/banks" rel="" target="" title="banks"><span>banks</span></a><span> in predicting triple rate hike pain for </span><a href="https://www.9news.com.au/national" rel="" target="" title="Aussie"><span>Aussie</span></a><span> borrowers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>CBA, Westpac and NAB yesterday </span><a href="https://www.9news.com.au/finance/interest-rate-hhike-forecasts-reserve-bank-middle-east-big-four-banks/44a09939-1636-4509-9fdc-20f67f3eaa97" rel="" target="" title=" shifted their cash rate predictions"><span>shifted their cash rate predictions</span></a><span> due to inflation running too hot, a stretched labour market, and the war in the Middle East – which is likely to add to inflation.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>All four big banks now anticipate the Reserve Bank will increase the cash rate 25 basis points when it meets next Tuesday, and by the same margin at the following meeting in May.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/us-israel-war-iran-urea-fertiliser-price-increase-australians-could-pay-more-for-groceries/16a4d95d-4778-4164-897d-45bedc6644b5" target="_blank"><strong><span>Aussies could pay more for groceries as farmers hit by dual fertiliser and fuel hike due to Iran war</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The RBA increased the interest rate by 0.25 per cent at its most recent meeting on February 3, to 3.85 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A triple hike would bring the cash rate to 4.35 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Across three prospective hikes in February, March and May, a borrower with a million-dollar mortgage would pay an extra $453 every month.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/interest-rates-reserve-bank-anz-cash-rate-prediction/f9dc2991-73c4-4483-982f-a29e70df4d8d" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The major banks cited high inflation and the instability brought on by the conflict in Iran as the reasons why they were now forecasting what would end up being three consecutive rate hikes. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"With inflation above target and the labour market tight, the inflation risks are likely to be more central for the board than risks around activity," ANZ's economic team said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The increased inflation risks will exacerbate those concerns, creating more urgency to move quickly to contain inflation expectations."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/atlassian-job-losses-aussie-software-company-blames-ai-cutting-1600-jobs/e45e3983-1e46-4430-b699-031a4b7c6c9f" target="_blank"><strong><span>Aussie software giant Atlassian cuts 1600 jobs in push to AI</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>NAB and Westpac yesterday said the RBA's decision would rely on developments in the war in the Middle East and its impact on oil prices and the wider market.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Much will depend on the trajectory of oil prices and the domestic data flow, and we see two-sided risks around our new central case for a 4.35 per cent peak," NAB said in a statement yesterday.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Westpac chief economist Luci Ellis said a swift resolution to the war, and subsequent fall in oil prices "would mean that the expected March hike would not be followed up in May".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Again, this is not our base case, but we will keep the possibility under review," Ellis said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Westpac said the effect of higher oil prices on inflation was "large but temporary" but believes the RBA will "nevertheless feel compelled to react".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Canstar Data Insights Director Sally Tindall said war in the Middle East "has cast a huge cloud of uncertainty over the [rates] decision".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"While the short-term impact of the conflict will push up prices, particularly fuel, the longer-term damage to the economy and jobs market is not yet clear," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"If the Westpac and NAB forecasts prove accurate, the RBA would deliver three back-to-back rate hikes across February, March and May – a scenario that would add further pressure to already stretched household budgets."</span></div></div><div class="block-content"><div 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