It's not by a lot, but for the first time in two years markets are betting that the Reserve Bank is more likely to lift rates than lower them next year.

Index swaps were on Wednesday afternoon pricing in about a 4 per cent chance of a rise in the cash rate over the next 12 months, according to Credit Suisse data. Over the past 12 months, markets had been on average pricing in 1.25 per cent rate cuts.