Melbourne Cup cash rate rise a safe bet - and an outside risk of another 0.5 pc pt hike

There's more pain ahead for borrowers with the Reserve Bank set to raise interest rates again at tomorrow's Melbourne Cup day meeting.

Most economists are tipping a rise of least a quarter of a percentage point though there's a real chance of something heftier given the surging inflation the RBA is trying to tame.

I speak with Commonwealth Bank head of Australian economics Gareth Aird on ABC Newsradio