The organisation said the lift in the RBA’s official cash rate would be on the back of rising wages, the last piece in the puzzle for the central bank.

However, the Commonwealth Bank has its forecast rate rise penciled in for June, well ahead of QIC.

“It would only take a few upside surprises on wage growth over the first half of 2022 to see annual wage growth return close to 3 per cent by mid-year,” QIC said.

“Given the continued positive momentum in (the) labour market, we expect there will be enough signs of strength in wage growth by the time of the June 2022 quarter data _ which will be released in late August _ to push the RBA to raise the cash rate at the following meeting in September.”

A Roy Morgan poll out on Monday also showed that Australians expected a blow out in inflation over the next two years. It said those surveyed expected a 4.9 per cent inflation rate, a slight increase on the result in a December poll.

The issue was likely to be prominent in the upcoming federal election and Roy Morgan said the expectations among those voting for independents or minor parties were for a much higher inflation.

ALP voters expected inflation to hit 4.8 per cent, Liberal and National Party voters picked 4.6 per cent and Greens voters 4.2 per cent.

Inflation expectations were also highest in regional areas.