The RBA is tipped to move rates for the first time in three years on Tuesday with the market already pricing in a new record low of 1.25 per cent.
Economists were split over whether the Reserve Bank would hold or cut the cash rate last month, but the near unanimous view after another round of weak economic is that the board will finally act when it meets this week.
The RBA had hoping that a strong labour market would obviate the need for it to cut the cash rate from a record low 1.5 per cent, but a subsequent softening is widely expected to have sealed the deal for a 0.25 percentage point cut on Tuesday.
The RBA is tipped to move rates for the first time since August 2016, with the market already pricing in a new record low of 1.25 per cent.
And it could be just the start, with most economists and the futures market expecting one more cut before the end of 2019.
Some have even tipped as many as four cuts to 0.5 per cent by 2020 as the central bank attempts to kick-start the nation's stagnating economy.
"We and the market will be shocked if the RBA doesn't cut in June," ANZ's economists said in a note.
"Of more interest will be any clues it might provide about action beyond that."
The RBA resisted temptation to cut the cash rate in May despite an evaporation of inflation in the March quarter offering a compelling case to do so.
The RBA said at the time it would closely monitor the strength of the labour market and, as the minutes of the meeting later showed, board members explicitly acknowledged the likelihood of a cut if unemployment did not fall.
A week after the RBA board meeting, the unemployment rate rose in April to a worse-than-expected 5.2 per cent and, soon after that, RBA Governor Philip Lowe used a speech to confirm a rate cut was on the table for June.
"A lower cash rate would support employment growth and bring forward the time when inflation is consistent with the target," Dr Lowe said in a speech to the Economic Society of Australia in Brisbane.
Rising unemployment is just one of many disappointing economic pointers to pile up at the RBA's door since its May meeting.
Weak retail volumes for the March quarter, a decline in business and personal lending, capital investment, construction and building approvals, an erosion of the trade surplus, and below-expectation wage growth in April has also applied pressure.
The decision will be announced on the RBA website at 1430 AEST.