Goldman Sachs expects Australia's central bank to raise interest rates to a peak of 4.85% over the next three months.

(Goldman Sachs expects Australia's central bank to raise interest rates by 4.85% in each of the next three months). AP News Agency, June 7 / PRNewswire-Asianet /-- Andrew Boak, chief economist for Australia and New Zealand at Goldman Sachs, said Australia's governor Philip Lowe's speech on Wednesday sent a "turning eagle" signal. "combined with data released today showing an unexpected acceleration in unit labour costs (7.9 per cent year-on-year), Goldman now expects the RBA to raise interest rates by 25 basis points in July, August and September (compared with a 25 basis point hike in July). Interest rates will peak at 4.85 per cent (compared with 4.35 per cent previously forecast).