Hopes of a smaller interest rate rise may have been premature with most experts forecasting another 50 basis point hike.
Mortgage holders have endured a cumulative 175 basis points in interest rate hikes since May, causing their monthly repayments to rise by hundreds of dollars.
But 23 of the 39 economists and analysts polled by Finder expect the central bank to lift the cash rate by 50 basis points when it meets on Tuesday.
The Reserve Bank of Australia has maintained it is not on a "pre-set path" to lift rates and tame inflation, with core inflation sitting at 6.2 per cent annual growth for August, as measured by the Australian Bureau of Statistics' experimental monthly inflation index.
This is more than double the RBA's target range of two to three per cent.
Despite the RBA governor indicating the board would be choosing between a lift of 25 and 50 basis points at its October meeting, many economists think the conditions are ripe for a larger increase.
NAB economist Taylor Nugent expected the RBA to hike rates by 50 basis points next week, with the labour market remaining tight and retail sales figures showing the resilience of households.
The central bank was then expected to be "stepping back to a 25bp hike in November and pausing in December" to monitor the economic impact of prior tightening, he said.
Gloomy global conditions are also likely to factor into the bank's decision, with both the US and UK central banks hiking rates sharply last week.
However, many expect the central bank to then take the foot off the accelerator, with 23 out of 39 experts surveyed by Finder expecting the RBA to hold in November.
"I expect the RBA to pause its tightening cycle in November," Ord Minnett's Malcolm Wood said.
"With fiscal tightening from Treasurer Jim Chalmers' first budget, Europe in recession and the US soon to follow, this should end the tightening cycle."
Dr Chalmers said he wouldn't pretend the global outlook was "anything other than a pretty dangerous place right now" as he prepares to deliver his first budget against the backdrop of international partners teetering with recession.
"It's pretty clear that the international situation is deteriorating," he told the ABC's 7:30 program.
The treasurer said he remained upbeat and optimistic about Australia's outlook, with strong economic indicators, but warned of further economic pain in the near future.
"We've got a lot going for us," Dr Chalmers said.
"But we've got some difficult global conditions to navigate in the meantime.
"It's feeding through to higher inflation and falling real wages and rising interest rates at home and that will have an impact on our own growth prospects in the domestic economy."
Another rate hike of 50 basis points would add $760 to monthly repayments - compared to May repayments - on the average $500,000 loan with 25 years left to go, according to an analysis by RateCity.
© AAP 2022