Off the back of the March quarter inflation update, two of Australia's largest banks have brought forward their interest rate forecasts. ANZ and National Australia Bank now say the first Reserve Bank interest rate hike will come in May - several weeks before the election. Both banks expect the central bank to lift the cash rate by 15 basis points, to 0.25 per cent. Westpac meanwhile is expecting the cash rate to move in June by a hefty 40 basis points to 0.5 per cent. And CBA is staying firm on its forecast for the cash rate to move by 15 basis points in June to 0.25 per cent.
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