The Reserve Bank of Australia (RBA) is expected to raise the cash rate by 25 basis points to 4.6% on Sept. 29, with the decision likely to be unanimous, BofA Securities said in a note on Wednesday.

If the August consumer price index data leads the firm to revise its September quarter trimmed mean inflation forecast to 1% quarter-over-quarter, it will then forecast a further 25 basis points cash rate hike in November.

The central bank's communication is likely to emphasize that inflation is too high with upside risks, the labor market remains tight, and growth is resilient.