ANZ has downgraded its expectations for house price growth to 1 percent.
The major banks all agree relief is unlikely today.
The forecast is ahead of market pricing of a 75 basis point cut, from the current rate of 5.5 percent.
He admitted people who are doing it tough will find it even tougher.
"It's going to be about $700 a week extra."
One of the bank's major fears is that the tight labour market will stoke wage pressures, which in turn will fuel prices.
The wholesale cash rate has increased by a quarter of a percentage point.
Inflation pressures are too strong to leave the cash rate unchanged on Wednesday, economists say.
ANZ anticipates the OCR will move higher than its previous 2 percent forecast amid rising prices and labour market pressures.
