The Commonwealth Bank also believes the RBA will wait until June to lift rates,taking at face value the RBA’s April meeting minutes that said the board agreed to wait for wage growth data.

Michael Blythe,economist at analytics firm PinPoint Macro,said the key reason Governor Phil Lowe had fought against lifting interest rates so far was to reach the goal of full employment,and the board was unlikely to abandon that goal now.

“No doubt the RBA boffins are busily tearing the numbers apart at present. The available fig leaves to hide behind are getting smaller,” he said.