Interest rate relief not expected from RBA: iBuyNew

The majority of respondents to a survey conducted by online agency iBuyNew found 66 percent of those polled believe the RBA is likely to maintain its cash rate at the current rate of 1.75 percent for the rest of 2016.

Only 23 percent of respondents believe there will be further cash rate cuts, with 11 percent expecting official rates to rise again.

iBuyNew chief executive officer Mark Mendel said while there is pressure on the RBA to possibly lower rates as soon as its board meeting, most of those polled are anticipating more rate stability.

“With so much for the central bank to digest from the Brexit fall out and after an eight week federal election campaign which has proven to be inconclusive, it will be no surprise to see the RBA stay on hold in July,” he said.

“It's only two months since the RBA cut the cash rate to its historical low and they still have some room to move on rates going forward.”

iBuyNew survey results: 

Do you think the Reserve Bank will take any action on official rates again this year?

Interest rates will remain on hold                      66 percent

Interest rates will increase                                11 percent

Interest rates will decrease                               23 percent