According to CoinMeta, ANZ Bank expects the Reserve Bank of Australia (RBA) to raise interest rates in September and November, with forecasts indicating a 25-basis-point increase to 4.60%. This would be the central bank's fourth rate hike this year, and interest rates will rise to their highest level in 15 years. The main driving force behind the rate hikes comes from Australia's stubborn inflation, and several central bank officials have given hawkish outlooks on this trend. Over the past year, inflation in Australia has risen significantly, partly due to local demand far exceeding supply. The recent surge in oil and gas prices triggered by the US-Iran conflict has further exacerbated domestic inflation, with rising energy costs spreading to multiple other industries. Analysts say that the ongoing escalation of the Middle East conflict, combined with the RBA's tendency to view rising oil prices as an inflationary shock rather than a growth shock, increases the likelihood of two rate hikes in September and November rather than just one. It is expected that another 25-basis-point hike will occur in November, bringing interest rates to their highest level since 2008.