NAB is prediciting the cash rate will rise in 2013, after a period of stability with little to no cuts.
It says improved conditions - and modest signs of growth - will encourage the RBA to leave the cash rate alone until next year.
The assertions were made yesterday in its monthly business confidence survey.
"While activity is expected to moderate in coming months, reflecting the Government's fiscal consolidation and a slowing in consumption growth, a near-term rate cut now appears unlikely," it said.
"We [then] see rates lifting a touch in the face of rising mining investment, a strengthening labour market and higher inflation.''
It marks a U-turn from NAB, which last month predicted the RBA would cut rates in 2012.