NAB Chief Economist Sally Auld said the Reserve Bank of Australia’s Monetary Policy Board lifted the cash rate by 25 bp to 4.1% in a 5–4 vote. Auld said the decision was driven by a judgement that inflation could remain above target for longer than previously anticipated, alongside a tighter labour market and capacity pressures. She said the Governor indicated the split vote reflected differences on timing rather than the direction of rates. NAB said it continues to expect a further 25 bp rate rise in May.

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