"The RBA has said it wants to be confident in inflation being sustained above 2% before it raises interest rates for the first time, hence our expectation of the first move not occurring until the second half of 2023," said Plank.
"We expect the Governor to announce an open ended A$5 billion per week purchase programme to be reviewed later in 2021 to be introduced following the completion of QE2," Evans said.
The Reserve Bank of Australia (RBA) holds its June meeting next week and is expected to reiterate that rates are unlikely to rise until 2024, two years after the RBNZ's projection.