Economists across the Tasman have noticed Australia is battling two significant economic shocks at once.

Stubbornly high interest rates offset by an increased surge in inward migration are helping keep inflation up- leading to increased concerns that the RBA could hike the OCR up come November.

HSBC chief economist Paul Bloxham says the increased number of migrants will boost inflation in the short term, but the shock could ease once figures stabilise.  

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