The Reserve Bank is expected to hold fire on a rate cut on Tuesday but is likely to signal it's preparing to move in the coming months.
Fifteen of the 19 economists surveyed by AAP say the bank will keep the cash rate unchanged at a record low of 2.5 per cent at its February board meeting.
Eleven predict the RBA will cut the cash rate at some stage this year, and 10 of those say it will be before July.
The last move in the cash rate was a quarter of a percentage point cut a year and a half ago, the second longest period of interest rate stability since the RBA began monthly rate decisions.
For most of 2014 it looked as though the next move would be a hike, although not for some time, as reinforced by governor Glenn Stevens' repeated statements that the "most prudent course is likely to be a period of stability in interest rates".
But in December some economists, including from AMP and three of the big four banks, altered their predictions to a rate cut, when September quarter economic growth slowed to its weakest pace in three-and-a-half years.
In his last public comments, made just before Christmas, Glenn Stevens hosed down rate cut speculation, and said the economy was tracking largely as the central bank had expected it to.
CommSec chief economist Craig James said a lot has changed in the past two months.
"Oil prices have plunged, the Aussie dollar has also weakened, and the European Central Bank has unveiled its own bond-buying program," he said.
"While we can't totally rule out a rate cut from the Reserve Bank, it is almost certain that there will be a shift in rhetoric."
AMP chief economist Shane Oliver believes the RBA should cut on Tuesday, but will probably wait until March.
"Growth is too low, confidence is subdued, prices for key commodities like iron ore and energy have collapsed, resulting in a much bigger hit to national income than expected a year ago," he said.
"However, it's a close call as to whether the Reserve will actually cut on Tuesday or wait `til March, as it may prefer to prepare the way for a cut by dropping the reference in its post meeting statement to a period of stability."
FINDINGS OF AAP'S CASH RATE SURVEY
* Four out of 19 economists surveyed predict a cut in Feb
* 10 predict a cut in the first half of 2015
* Two predict a cut in the 2nd half of the year
* Eight expect the RBA will stay on hold for the whole year
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