Speaking at a Centre for Independent Studies lunchtime event in Sydney, Professor Harper told the audience: "The bank moving again before the end of the year is plausible, from what I can see of the circumstances." He added that he did not have the board meeting papers in front of him.
In a subsequent interview with ABC News, he declined to characterise the chances of a back-to-back hike in November as "likely", repeating his assessment that it was "plausible".
The cash rate currently sits at a 15-year high of 4.6 per cent, after being raised at the RBA's September meeting. Harper served on the board for a decade, from 2016 until after the Monetary Policy Board's August meeting, when rates were left on hold.
Harper also offered rare insight into the RBA's decision-making process following a major governance overhaul recommended by a federal government-commissioned review, which split the bank into a Monetary Policy Board and a governance board, effective March 2025.
He explained that meetings now run over two days. The board convenes at 1pm on Monday and meets until about 5:30pm, hearing briefings from RBA staff. The governor often takes an informal straw poll at the end of that first day. Board members sometimes go to dinner together before reconvening at 9am Tuesday, running through to 11:30am. The decision and accompanying statement are published at 2:30pm AEDT, followed by a press conference from the Reserve Bank governor at 3:30pm.