Speaking to finder.com.au, AMP Capital’s chief economist Shane Oliver said the outlook for the economy has not changed significantly since the August board meeting, with the exception of a spike in unemployment.

“So no need to cut and no need to tighten,” Mr Oliver said.

“Next rate will be up but probably not to mid-2015 by which time the [US Federal Reserve] will likely have started to raise rates and the Australian economy should be on a firmer footing.”

Similarly, RP Data’s research director Tim Lawless said with inter-quarter measures of inflation indicating consumer prices are not rising rapidly, it is likely that the RBA will continue to hold interest rates at their current level for the foreseeable future.