" Budget could bring forward RBA rate rises, UBS says " Monetary policy- William Mcinnest Upbeat The larger than expected fiscal stimulus in Treasurer Josh Nominal GDP(% YoY) Frydenberg's budget could force the Reserve Bank of 10 Australia to bring forward its rate hike plans as the FY21MYEFO economy and the labour market are jolted back to life.~ More stimulus from the government and an upgraded near-term economic outlook suggest the RBA will need to FYOB FY12 FY16 FY20 FY24 reduce bond purchases under its quantitative easing SOURCE UBS program before the end of this year and may need to lift rates ahead of its own guidance of 2024 at the earliest.~ "The persistence of stimulus - for several years ahead despite approaching NAIRU - will put upward pressure on wages and inflation," said UBS chief economist George Tharenou. NAIRU is the non-accelerating inflation rate of unemployment.~