RBA leaves cash rate 'on hold'

The decision follows the RBA's 25 basis point cut to interest rates at its last meeting on 5 May.

BT Financial Group Chris Caton chief economist said the RBA is now a "reluctant cutter".

"It may still cut again, but it will wait to see what's happening to growth, unemployment and investor behaviour in residential property,"
Mr Caton told finder.com.au.

Westpac chief economist Bill Evans said two per cent is the "resting place" for this easing cycle.

"The Reserve Bank will now take time to assess the sustainability of their current forecast that economic growth in 2016 will exceed three per cent," Mr Evans said.

"For [Westpac's] part the next significant date will be the November Board meeting," he said.