‘Got it wrong’: Reserve Bank of Australia faces heat as hikes loom to 18-year high

Microbusiness Chief Economist Leith Van Onselen says the Reserve Bank of Australia misread the economy, warning more rate hikes are imminent.

“The Reserve Bank got it wrong, they did misjudge it, and they cut rates when they probably shouldn’t have,” Mr Van Olsen told Sky News host Steve Price.

“Based on their hawkish commentary today, as well as the financial market forecast, we’re likely to get possibly another two rate hikes this year.

“Would take us to an 18-year high.”