A leading business lobby group believes the economy's fragility warrants a further reduction in interest rates.
The Australian Chamber of Commerce and Industry (ACCI) also believes the federal government's move to an emissions trading scheme (ETS) a year earlier than planned will only create more uncertainty for business.
Financial markets were less sure the Reserve Bank of Australia (RBA) will reduce the cash rate in August following the release on Tuesday of its July board meeting minutes, when it left the cash rate at an all-time low of 2.75 per cent.
While the central bank said there was scope to cut the cash rate further, it also noted that inflation would be slightly higher because of the depreciation in the Australian dollar.
"Given the exchange rate adjustment that was occurring, and with the substantial degree of monetary stimulus already in place, members assessed the current stance of policy to be appropriate for the time being," the minutes said.
Commonwealth Securities chief economist Craig James said while the RBA has left the door open to a further rate cut, "it is by no means locked in".
But ACCI chief economist Greg Evans believes the economy needs another reduction, particularly after the government confirmed Australia will move to a market-based ETS from July 1, 2014.
"That provides no immediate relief to anyone, it just adds additional uncertainty," Mr Evans told reporters in Canberra.
The change means the fixed carbon price of $25.40 from July next year won't apply, and the price should drop to about $6 initially under an ETS.
Treasurer Chris Bowen said this was an important step in dealing with the post-mining boom transition, while providing cost of living relief to families.
The move to an ETS will cost the budget $3.8 billion over the next four years, of which $1.8 billion will be made up from FBT changes relating to salary-sacrifice and employer-provided motor vehicles.
There are also cuts to the public service and clean energy programs.
Mr Bowen conceded the savings measures would not be "universally popular".
The Federal Chamber of Automotive Industries (FCAI) was fuming that it was not consulted on the FBT change, saying the change will have "dire consequences".
"The effects will flow right through the industry, including to dealerships and service centres," FCAI chief executive Tony Weber said in a statement.
One early casualty was salary packaging and vehicle leasing administrator McMillan Shakespeare which called a trading halt of its shares because the FBT change will have a "material impact" on its business.
"The company is evaluating the impact," it said in a statement to the ASX.
While Institute of Chartered Accountants Australia chief executive Lee White welcomed the early move to an ETS, he said the FBT rule change would add more regulation and compliance costs on businesses.
"Any new policy measures should be framed against the objective of reducing the regulatory burden on business," Mr White said in a statement.
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