Reserve Bank of Australia Expected to Make Another Oversized Rate Hike in October

Pedestrians walk past the Reserve Bank of Australia building in Sydney, Australia, on May 3, 2022. Brook Mitchell/Getty Images

Economic experts are expecting the Reserve Bank of Australia (RBA) to maintain its aggressive interest rate policy with another oversized rate hike in October as troubling global economic conditions remain.

The RBA said it would opt between a 0.25 and 0.5 percent hike at the next board meeting on Oct. 5 and that it would consider the global economic outlook and consumer spending habits when making the decision.