RBA Interest Rate Predictions for November 2023

by satish

Nov 03, 2023

The financial landscape is constantly changing in Australia. Thus, the Reserve Bank of Australia (RBA) has been actively adjusting the cash rate throughout the year. Particularly, it all began on May 3, 2022, when the RBA decided to increase the cash rate from its historically low level of 0.10% per annum to 0.35% per annum — it was their first rate hike since November 2010.

Since that pivotal decision, the RBA has made a series of rate hikes. Namely, four instances of 0.50% increments and seven instances of 0.25% increments, summing up to a total of 11 cash rate increases. Eventually, the cash rate has risen to its present level of 4.10%.

As we approach the end of year 2023, everyone will wonder whether the RBA will hike interest rates in November or remain the same as now. Worry no more! This guide may specify your concerns and uncertainties regarding RBI interest rate predictions for November. Let’s scroll down to learn more.

Will the RBA Hike Interest rates in November?

Most experts and analysts, unfortunately, anticipate that RBA will increase interest rates from 4.10% per annum to 4.35% per annum in November. Several reasons fuel this RBA cash rate prediction, which is also RBI interest rate prediction. I.e., the RBA cash rate typically influences the interest rates banks charge their customers for loans and deposits. Let’s take a look at a list of key factors that influence these unfavourable RBI interest rate predictions 2023 Australia

Inflation Concerns

The country’s current inflation rate still remains significantly above the RBA's target range of 2-3%. This can prompt the RBA to raise interest rates in November, as they can optimise a favourable inflation rate.

Economic Growth

The Australian economy is recovering from the COVID-19 pandemic, with strong growth in production, exports, and investment. This can boost the confidence of the RBA to raise interest rates.

Housing Market

The rising property prices can also contribute to these displeasing interest rate predictions for 2023 Australia. This is because the RBA may consider that raising interest rates would be a potential strategy for both mitigating inflation and addressing the concern of rapidly increasing property prices.

Low Unemployment Rates

The unemployment rate in Australia decreased to as low as 3.6%, which is more than expected and below the market standard. Besides, the participation rate (a metric that shows the percentage of the population actively seeking employment) also declined to 66.7% from the previous month’s 67%. The improved employment situation among Australians may potentially lead to an interest rate hike in November.

Global Economic

The current exchange rate of the Australian dollar is significantly low against the US dollar. This factor may reduce the need for the RBA to maintain low interest rates to support the exchange rate and external competitiveness. It could also be a contributing factor in unfavourable RBA cash rate predictions.

Commonwealth Bank, Westpac, NAB, and ANZ Rate Predictions for November 2023

Let’s take a look at the November interest rate predictions for 2023 Australia, according to the top four banks in Australia:

Bank Cash rate peak
CBA 4.35%
Westpac 4.35%
NAB 4.35%
ANZ 4.35%

When Will Interest Rates Come Down?

Among these four big banks, Westpac and NAB have presented their outlooks regarding the future RBA cash rate prediction. Namely, NAB anticipates at least one more 0.25% rate hike, whereas Westpac foresees interest rates holding steady until the following year. Nevertheless, both banks share the prediction that interest rates will see a decline by September of the subsequent year.

Bank Dec 2023 Mar 2024 Jun 2024 Sept 2024 Dec 2024 March 2025
Westpac 4.10% 4.10% 4.10% 3.85% 3.60% 3.35%
NAB 4.35% 4.35% 4.35% 3.85% 3.35% 3.10%

What Does an Interest Rate Pause Mean for Home Loans?

An interest rate pause for home loans refers to the Reserve Bank of Australia (RBA) deciding to keep interest rates unchanged at a particular time. Namely, during this period, RBI impedes itself from raising or lowering the official cash rate, making it significant implications for home loan borrowers. Here are certain key benefits that home loan borrowers can expect due to implementing the Interest Rate Pause.

  • Lower Monthly Repayment: An interest rate pause means no more interest hikes — at least, as long as the RBA keep pausing the interest rate. This can help them save some money and ease their financial burden.
  • More Certainty and Confidence: The interest rate pause may also provide some certainty and confidence to borrowers worried about the dynamic nature of interest rates and the impact on their budgets.
  • Optimised Market Condition: Borrowers can have more flexibility and choice in their home loan options, as the pause may create more competition and innovation among lenders. This can help them to find the best deal that suits their needs and preferences and also to negotiate better terms and conditions.


The website provides general information about various loan products, insurance products, credit scores & links to other websites or resources over which https://www.umoceania.com.au does not have control as such information & links are received from the Banks, NBFCs, Insurance companies & credit rating agencies. Users of this website acknowledge that https://www.umoceania.com.au is providing this information & links only as a convenience, and further agree that https://www.umoceania.com.au is not responsible for the veracity of such information. Please note that you before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. Confirm all product information directly with the provider of resepctive financial product before making a purchase decision. If you decide to acquire a financial product, you will deal directly with the provider and not with Urban Money Oceania and that neither https://www.umoceania.com.au nor its directors, employees, partners, and associated staff are not accountable for any loss, harm, or damage due to usage of information from this website. And further that users use of links to such external websites are subject to the terms of use and privacy policies located on those sites.