Three of Australia's major banks—Commonwealth Bank, NAB, and Westpac—are forecasting the Reserve Bank will increase the official cash rate by 0.25 basis points in May, following inflation figures that rose to 3.4% for the 12 months to January. Reserve Bank Governor Michele Bullock has urged Australians to be patient as the nation deals with persistent inflation above the target of 3%, while federal parliament debates whether government or private spending is driving the inflationary pressure. Australian government debt is set to reach the trillion-dollar mark next month, with the Prime Minister directing ministers to cut spending in the upcoming May budget.

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