Westpac economists are now forecasting the OCR will peak as high as 6 percent.
The OCR is currently at 5.25 percent and most economists are predicting the Reserve Bank will hike it by 25 basis points next week.
Westpac Chief Economist Kelly Eckhold says the recent surging inbound migration figures are the biggest factor impacting their changing view.
"If you translate it through to aggregate population growth, it basically looks like there's population growth stronger than we've seen in a few decades, realistically. That has a big impact on the economy."
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