RBA leaders warn that interest rates are just back to 'sensible level'

RBA governor Michele Bullock and three other senior officials appear before the Standing Committee on Economics on September 18. ( ABC News: Tobias Hunt )

RBA deputy governor Andrew Hauser said, "We're probably rather closer now to a more sensible level of long-term global real interest rates than we were a year or two ago."

More economists have joined financial markets in tipping a September rate hike, with the possibility of another in November.

The RBA's Monetary Policy Board will meet on September 28-29 to determine the next move in the cash rate target.

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Economists believe that the Reserve Bank's senior officials have decided that interest rates need to be hiked in September, and they expect the RBA's board to rubber stamp an increase in the cash rate to 4.6 per cent.