That's a quick change from the same poll a month ago, when most economists anticipated the first rate hike to come in Q3.
Now, 16/32 economists forecast a move to 0.25% next week with 4/32 predicting a 40 bps increase to 0.50%. The remaining 12 respondents expect no rate change by the central bank.
Meanwhile, over two-thirds of respondents believe the RBA would raise the cash rate to 0.50% in June with four expecting the central bank to move the cash rate up to 0.75% or higher by then.
The median forecast for the rate outlook is 1.00% by end-September and 1.50% by year-end. The latter is double the 0.75% cash rate predicted in the last survey.
As for the big names predicting a rate move, ANZ, NAB, and Westpac are all calling for a 15 bps rate hike next week while CBA says that the first rate hike will only come in June.
