"General inflationary pressures are well under control - but several components of demand are below par and need a supportive interest rate backdrop", Mr Garrett said.
According to Lowe, one continuing source of uncertainty is the outlook for household consumption. Lowe said this is likely to continue for a while yet, although the stronger conditions in the labor market should see some lift in wage growth over time.
And with mortgage debt a major cause of stress in Australian households a rise in the cash rate could have troubling effects on Australian borrowers.
"The OECD has recently signalled that the winds of change in the Australian economy may be preparing to blow, and that a rate rise may come sooner than previously thought".
ABC Bullion chief economist Jordan Eliseo said he was confident there would be a rate cut on the horizon but believed the rate would hold going into the festive season.
"We've had a period where retail sales have been unusually weak over the last few months", Dales said.
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