BORROWERS should start bracing themselves for several interest rate increases next year as the non-mining sectors of the economy start to pick up pace.
The board of the Reserve Bank of Australia meets on Tuesday, and all 15 market economists surveyed by AAP say the cash rate will stay at a record low of 2.5 per cent.
Nine say there won't be any movement before the end of the year.
Nearly all are expecting a string of interest rate hikes next year that will push the cash rate to around 3.25 per cent.
Official data released Thursday showed that the mining investment boom has passed, with capital expenditure in the sector falling almost nine per cent in the March quarter.
However, investment intentions for the 2014/15 financial year in the non-mining sectors of the economy have risen to their highest levels since the global financial crisis.
Citigroup head of economics Paul Brennan said the figures show that the economy should rebalance away from being driven by mining investment smoother that previously expected.
"We believe the expectations data is above what the RBA would have pencilled in," he said.
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