RBA still waiting to assess rate cuts

The Reserve Bank was content to sit on the fence at its last board meeting, leaving interest rates unchanged, as prospects of growth were reasonable.

The Reserve Bank will assess the impact of its two rate cuts this year on inflation before it considers pulling the trigger again.

When the RBA board in October held rates at a record low of 1.5 per cent, the central bank judged the prospects for growth as remaining reasonable and was content to sit on the fence until September quarter inflation data became available.

"This would provide an opportunity to consider the economic outlook, assess the effects of two previous reductions in the cash rate and review conditions in the labour and housing markets," the minutes of the RBA's October meeting, released on Tuesday, said.