Economists tip a 50 basis points hike, taking the cash rate to 1.85 per cent – the highest it has been since April 2016.

However a higher lift can’t be ruled out.

The post-board meeting statement will be scrutinised for any changes in language on the direction of inflation and rates.

The Reserve Bank will formally outline its latest forecasts in the statement on monetary policy to be released on Friday.

Prime Minister Anthony Albanese said the federal opposition were “kidding themselves” if they argued rates would not have risen if the coalition retained power at the election.

“What we know is the Reserve Bank will meet and is likely to make another decision,” he told parliament.

“We will wait and see what that independent decision is, but I do note … (the Liberal-National opposition) will not take responsibility for anything that they left, the trillion dollars of debt or any of the other chaos they left in the economy.”

Greens treasury spokesman Nick McKim said the RBA needed to hit pause on further rate rises.

“Inflation is being driven by supply side shocks and corporate profiteering,” he said.

“Jacking up interest rates will not fix these problems. The RBA needs to be honest about this with the Australian public.

“Monetary policy cannot curb inflation without punishing workers, renters and new homeowners, none of whom are the cause of the problem.”

Also on Tuesday will be the release of the ANZ-Roy Morgan consumer confidence survey, as well as official lending indicator and building approval figures.

The CoreLogic Home Value Index of national home prices fell by 1.3 per cent in July, the third consecutive monthly decline, but prices were up by eight per cent on the year.

National house prices fell 1.4 per cent in the month but were up nine per cent for the year, while apartment prices fell by 0.9 per cent in July but were up 4.6 per cent for the year.

Regional home prices fell by 0.8 per cent in July, but were up 17 per cent on the year.

-AAP