24 May 2023

Migration and Budget to push Official Cash Rate higher

From Morning Report, 7:11 am on 24 May 2023

Economists expect factors like migration and the Budget to push the Official Cash Rate rise higher than previously thought.

The OCR is currently at 5.25%, and the banks are torn between whether we'll see another 50-point hike or a 25-point hike.

The OCR was expected to peak at 5.5%, but now economists think it could rise as high as 6% in coming months.