SYDNEY, April 6 Reuters Most of Australia39;s major banks now expect a rise in interest rates as early as June, though opinions on the pace of tightening and the peak point still vary widely.

The first hike in a decade is clearly on the cards after the Reserve Bank of Australia RBA on Tuesday surprised many by dropping a pledge to be patient on policy.

We now expect the RBA to lift the cash rate by 15 basis points in June, previously September, with followup 25 basis point rate hikes in July and August, said analysts at ANZ. The cash rate is currently at a pandemicera low of 0.1.

Economists at NAB also now look for a move in June, while CBA has been tipping it for some time. Bill Evans, chief economist at Westpac, chose to hedge his bets.

There has been a major change in the rhetoric and the Board has now increased its flexibility to start raising rates as early as June, two months earlier than our current call which remains August, he said.

A move at the RBA39;s May 3 policy meeting has been considered unlikely because key data on wages is not due until May 18 and a federal election is set to be held sometime in the month.

Markets have been wagering on a June hike for months, in part reflecting hawkish pivots by the U.S. Federal Reserve and many other major central banks.

Indeed, futures imply a real risk the RBA could hike all the way to 0.5 in one go. That would be a radical departure for the central bank which has not hiked by more than 25 basis points…