The Reserve Bank has left interest rates on hold at 1.75 per cent, in a move widely expected by financial markets.
All 27 economists surveyed by Bloomberg had tipped rates to remain steady in July, with financial markets pricing in only an outside 14 per cent chance of a rate cut.
That does not mean that further rate cuts are seen as being off the agenda, with traders pricing in a near 50 per cent chance that the RBA will move in August.
The latest official inflation figures come out near the end of this month, giving the Reserve Bank more information about whether consumer price increases are moving closer to the bottom of its 2-3 per cent target.
Most analysts are expecting the RBA to hold off on a rate move until it sees that inflation data, and while it assesses the fallout from Britain’s decision to exit the European Union and Australia’s uncertain federal political situation.
The Reserve Bank last cut interest rates on the first Tuesday in May, on the same day as the Turnbull Government handed down its first budget.
More to come.