Yipee, the 2-month reprieve from interest rate rises looks set to end today (said no one ever…). The Reserve Bank’s board is gathering for the first time in 2023, and the question is not if it will lift rates but by how much… Economists from the big banks are predicting a 0.25% hike from 3.1% to 3.35%, with CBA warning there is a chance the increase could be as much as 0.4%. Whatever it is, it would mark the 9th consecutive rate rise and mean those with a $500,000 mortgage are shelling out more than $900 extra in monthly repayments than when this exercise started in May last year. ANZ and Westpac also predict that rates will keep climbing to a peak in May at 3.85%. The outlook is especially tough for 800,000 households on the “mortgage cliff”. No, that’s not the worst geological feature in the best town – it’s about people with low fixed rates that are about to end later this year.