This month the RBA maintained its stance and kept the official cash rate on hold at 1.5% for the 32nd month.

The cooling of the housing market and the possibility of further price weakness is likely to be impacting household spending. As yet there is no sign of credit growth picking up, and if the improving jobs market reverses, these issues will present as possible risks, and are likely to be reasons the RBA has now shifted to a more neutral bias.

Macquarie maintains its view that, on balance, the RBA will keep Australian interest rates stable until well into 2020.