The RBA has left open the possibility of a rate cut, but it is unlikely to happen next month.

In the minutes of the monthly board meeting, the RBA said they will continue to monitor data over the coming months to see if monetary policy is worth adjusting.    

“The Board's judgment was that, given the substantial degree of policy stimulus that had been imparted, it would be prudent to leave the cash rate at the existing low level while continuing to gauge the effects,” the minutes said.

“Members agreed that the Bank should again neither close off the possibility of reducing rates further nor signal an imminent intention to reduce them.”

The rate remains at a historically low 2.5% and the RBA cited its effects in a range of areas.

“House prices and turnover had increased and leading indicators pointed to a pick-up in dwelling investment over the period ahead. While credit growth remained moderate, there were signs of an increased appetite for borrowing, most notably among investors,” reported the minutes.