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The vast majority of financial experts in a new survey are putting their bets on a Melbourne Cup Day interest rate rise next week.
Just 30 minutes before the running of the iconic race that stops the nation on November 7, the Reserve Bank of Australia will issue its decision on the cash rate.
In the Finder RBA Cash Rate Survey released today, 69 per cent of the 45 economists and experts canvassed said the RBA will raise the cash rate next Tuesday.
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All of those forecasting an increase are anticipating a rate rise of 25 basis points – bringing the cash rate to 4.35 per cent.
Finder head of consumer research, Graham Cooke, said it was shaping up to be the rate decision that stops the nation for the second year in a row, with inflation sitting stubbornly at 5.4 per cent.
"Inflation is falling but not as quick as many had hoped, giving the RBA reason to lift the cash rate on Tuesday.
"The effects of previous hikes are only starting to take effect, so another rate rise could spell disaster for many homeowners."
The experts canvassed in the survey were split on the need to combat inflation and the effects of a further rate rise on the hard-pressed Australian economy.
Geoffrey Kingston, from Macquarie University Business School in NSW, is predicting a rate hike on the back of higher-than-expected inflation figures in September.
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"This will probably trigger a rise on Melbourne Cup Day but may be the last rise in this cycle," Kingston said.
But Dale Gillham from Wealth Within is forecasting a pause, pointing to figures showing the economy is already flat.
"Adding another rate rise onto an already stressed economy does not seem warranted," Gillham said.
But almost all of the experts in the Finder survey say housing costs will continue to be a major burden for renters into next year.
Average rental prices have not peaked, according to 87 per cent of those canvassed, with 81 per cent predicting rents will continue to climb next year.
More tenants are finding it hard to pay their rent amid rising costs.
The Finder Consumer Sentiment Tracker showed 42 per cent of renters struggled to pay their rent in October – up from 29 per cent in October 2021.
