Further rate cuts to come: economists

The Reserve Bank of Australia (RBA) is likely to give borrowers at least one rate cut before the end of the year, although it might not happen at this week's meeting.

An AAP survey of 17 economists has shown that all but two expect one or more rate cuts by December, although only five expect it to come at the RBA's monthly meeting on Tuesday.

The cash rate has remained steady at 3.5 per cent since mid-year, following cuts by 0.5 percent in May, and by 0.25 per cent in June.

However, Bank of America Merrill Lynch Australia chief economist Saul Eslake says the RBA is likely to hold on for one more month before cutting.

He said a recent move by the US Federal Reserve to stimulate the American economy and an announcement from the European Central Bank that it was willing to push down debt-laden member states' borrowing costs through bond purchases had lifted global market confidence.

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