Economists are unanimous on interest rates

All 15 economists quizzed by the Australian Associated Press believe interest rates will remain at their current level this month.

The Reserve Bank of Australia's (RBA) board members are scheduled to meet again on August 7th, where they will discuss whether further rate cuts are required.

All but two of the respondents said that the national cash rate would stay at 3.5 per cent in September too.

The RBA slashed interest rates by 50 points in May and then a further 25 points in June, but the minutes from its last meeting in July suggested that the organisation will take a backseat for the foreseeable future, unless something unexpected happens.

HSBC chief economist Paul Bloxham told the news provider that recent reductions are already supporting the housing sector.

"Given that growth momentum in the local economy is solid, we think the RBA is unlikely to cut rates again next week," he remarked.

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