Experts convinced RBA will cut interest rates despite bank shrugging off similar peer pressure in July

The RBA is expected to cut the cash rate at the next interest rate board meeting, despite dashing strong expectations last month. Photograph: David Gray/Reuters

Australians are spending more but buying less than in 2022, underlining the intense cost-of-living pressures on households before Tuesday’s Reserve Bank of Australia interest rate decision.

Economists and financial markets are once again convinced the RBA board will cut the official cash rate from 3.85% to 3.6%, after the central bank stared down a similarly strong consensus and held rates steady at its previous meeting.