Domain’s chief economist Andrew Wilson said the RBA is likely taking a 'wait and see' approach after last month’s cut, with data remaining mixed.

"Inflation remains critical but bias remains solid for another cut this year, although a near-term rise in US rates may stay the RBA hand," he said.

Similarly, AMP Capital’s chief economist Shane Oliver said that while he expects the RBA to cut the cash rate again this year, not enough has happened in the past month to bring on another move today.