In its latest client note, analysts at Societe Generale said, “we expect the RBA to increase the cash rate target from 2.35% to 2.85%.”

Read: When is the RBA Interest Rate Decision and how could it affect AUD/USD?

Additional quotes

“Would mark five consecutive 50 bps rate hikes since the initial one back in June.”

“The policy statement will continue to say that the RBA is committed to returning inflation to the 2-3% target range over time while keeping the economy on an even keel and that the size and timing of future interest rate increases will be guided by the data and the outlook by policymakers on inflation and the labor market.”

“The statement will also continue to skip the words ‘ normalizing monetary conditions, which we think implies the intention of policymakers to adjust its policy stance to one of outright tightening.”