One of the biggest names operating in the Australian banking circuit, National Australia Bank has recently warned its customers on the rise in the interest rates.

According to the bank, a rate hike is expected to happen in the next month under which according to the bank, the Reserve Bank will hike interest rates by 25 basis points to 4.75 per cent when it meets on October 5.

On the other end, the major financial markets believe that a hike will be line-ball cut but the industry experts are expecting the rates to go up by the end of the year. NAB’s chief economist, Alan Oster, said that the tone of communication from the Reserve Bank has hinted that there will be a rate hike soon.

Moreover, the economist also mentioned here that the until now, the officials working at the Reserve Bank have hinted that the rates are around the average mark and is very near to the trend of growth.

However, it is expected that the Reserve Bank wants to get on to the tightening phase much sooner before it gets too late for the bank to act.