Reserve Bank set to dump 2024 low rates pledge as inflation runs hot and US Federal Reserve signals March hike

The Reserve Bank is set to abandon its commitment to keep official interest rates close to zero until 2024 as inflation begins to run hot. 

While most economists tip rates will rise later this year, economist Stephen Koukoulas says a rate rise before the federal election can't be ruled out. 

ABC's Peter Ryan says the RBA is independent is government and has a mandate to tame inflation regardless of politics.

I speak with Cassie McCullagh on ABC Radio Sydney

I speak with Thomas Oriti on ABC NewsRadio