Majority of economists still say no rate cut on May 7

An overwhelming majority of economists still expect the RBA to leave the cash rate unchanged at 3% on May 7, according to the latest Bloomberg survey.

Following Wednesday's subdued March quarter inflation reading, 20 out of 27 economists expect no change in the cash rate.

This compared with 24 out of 28 who tipped no rate cut a week ago.

All the major bank economists agree there will be no rate cut in May.

Expectations of a June rate cut are stronger with 13 out of 27 tipping a 25 basis point rate cut and one economist (Richard Gibb from Macquarie Group) tipping a cash rate setting of 2.5%. The remainder expect no change.