A rate rise is expected by many economists next week.
After a recent survey by the Australian Associated Press (AAP), 14 out of the 18 economists believed that the Reserve Bank of Australia (RBA) will increase the
interest rate by a quarter of a per cent next week.
This rise would see the level go above its current 4.25 per cent to 4.5 per cent – after the organisation augmented the figure at the beginning of April by 0.25 per cent, the Sydney Morning Herald reports.
AMP Capital Investors senior economist Bob Cunneen said he thought another "stitch" in the cash rates will be warranted because of stubborn inflation, an economy with "considerable" momentum and low real interest rates.
He added: "The Greece/European debt crisis is a concern but it will not be persuasive enough to delay."
If the numbers do increase again, it could be the same story for banks, some of which upped their interest rates on
credit cards and savings accounts at the beginning of the month after the RBA's announcement.
