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Drats and double drats, not so fast, Warren Hogan says a couple of rate rises are needed to stamp out inflation and Ross G says a rate rise is certain after a US cut. Multiple US cuts? We're goners, no way we can be certain about a profit in 2050

“If we do a couple of rate hikes now (it’s) our best chance of getting the job done on inflation and most importantly of reducing the chance that interest rates have to go up by a lot more next year,” he said.

Mr Hogan warned this action was needed for Australia to avoid taking the cash rate up to 5.5 per cent, where the United States government has rates set, or possibly higher.

Sky News’ Ross Greenwood pointed to the immediate drop of the Aussie dollar after the ABS figures came out as a sign the RBA could hike rates.

“That suggests that the markets are right now anticipating that there will be a rate rise in Australia,” he said.