Westpac has become the second big bank to push its forecast for the Reserve Bank of Australia’s first cash rate cut to May from February, as more economists and investors dump expectations for pre-election mortgage relief.

With inflation lingering and the jobs market proving resilient to high interest rates, several economists have this month shifted their prediction for the RBA’s first post-pandemic cash rate cut to May 20, including NAB, Citi, UBS, Capital Economics and RBC Capital Markets.