(Bloomberg) -- Australia’s central bank will hike interest rates as many as three more times over the next six months amid stubborn inflation, according to National Australia Bank Ltd. Chief Executive Officer Ross McEwan.

With inflation still not subsiding, the Reserve Bank of Australia will need to continue to tighten the flow of credit, he told Australian Broadcasting Corp. radio Friday. 

“Inflation is still a problem,” McEwan said. “So I think we’re in for another at least two, possibly three interest rate rises over the next six months.”

McEwan said he remained confident the nation will avoid a recession in 2023, while warning that “it’s going to feel as if things have got tighter.”

The RBA is in the midst of its most aggressive tightening cycle in a generation, having raised rates by 3.25 percentage points since May to a 10-year high. Governor Philip Lowe recently said that policymakers had more work to do as inflation remains too high for comfort.

Money markets are pricing for the cash rate to climb as high as 4.2% this year. That compares with the average consensus among economists for a peak of 3.85%.

--With assistance from Garfield Reynolds.

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