The country's largest bank is now forecasting three Official Cash Rate hikes before the election.

ANZ is predicting three consecutive increases in July, September, and October - bringing the OCR from 2.25 percent to 3 percent.

A week ago, most economists were expecting the central bank to keep the OCR on hold until December.

But the Reserve Bank's hawkish tone is prompting most to change their forecasts.

ANZ chief economist Sharon Zollner says there's a lot of 'medium-term' uncertainty as concerns around inflation linger.

"In real time, they're constantly having to weigh up the upsides and downsides of going too soon or going too late. And essentially, if you're at neutral, it might feel like a more comfortable space to perch and wait and see how things pan out." 

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• ANZ now tips three straight OCR hikes as inflation worries grow