RTTNews reports that NAB economists said that a rate hike by the Reserve Bank of Australia is more likely in 2024. However, NAB economists said they can see a probability of the RBA moving in the second half of 2023.

NAB Economics Director Tapas Strickland said that markets should price in this risk, given the high bar the central bank has given itself on wages growth being sustained at 3 percent plus.

NAB economists predicated their view on the RBA sticking to its recent evolution in monetary policy, that being trying to achieve the maximum sustainable employment by waiting for actual inflation to be sustainably in the band before tightening, instead of hiking on a pre-conceived notion of where NAIRU is.