RBA cuts interest rates

Westpac chief economist Bill Evans was one of few economists to predict the rate cut.

"We continue to believe that the February rate cut is the most likely scenario," he said.

"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 said.

Commsec chief economist Craig James predicted the RBA would stay its hand, arguing "there's enough stimulus in the system already" given low petrol prices and the low Australian dollar.

AMP chief economist Shane Oliver pointed to the RBA’s statement in December that a period of stability in interest rates "remained prudent".

"Since [December] strong data for jobs and building approvals has offset softness in economic growth and inflation indicators," Mr Oliver said.