BT Financial Group’s chief economist Chris Caton, who predicted rates would stay on hold this month, believes there is still another rate cut to come.

“There's another cut out there, but May makes more sense,” he told comparison website finder.com.au.

Similarly, ING Direct’s head of treasury Michael Witts noted that nothing has fundamentally changed since the RBA’s last board meeting.

“Although the Reserve Bank minutes indicated a capacity for further rate cuts if required they did not suggest a propensity to cut rates ahead of May,” Mr Witts said.