Westpac’s chief economist Bill Evans said prior to the meeting that “the most likely scenario” would be a rate cut in February.

“With markets now settling on the strong likelihood of a March move we see February as a much more attractive option for the RBA,” Mr Evans told comparison website finder.com.au.

Rams head of product and digital, Nathan McMullen, also predicted the RBA would drop the official cash rate after the February board meeting.

“Benign inflation outlook, low consumer confidence coupled with the need to bolster domestic demand and depreciate the $A before more evidence of growth locally and internationally emerges,” he told finder.com.au.