Reserve Bank prepares to hand down interest rate decision today

The Reserve Bank of Australia will deliver its latest interest rates decision this afternoon amid warnings another rise could tip the economy into a recession.

Experts are divided on whether or not the board will elect to push rates another 0.25 per cent higher.

The latest inflation numbers are lower than forecast, falling to six per cent growth in the June quarter.

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The annualised rate of inflation is close to the RBA's target of between two and three per cent, which could indicate a decision to hold rates steady.

However, the job market remains strong, which could precipitate another rise.

Outgoing governor Philip Lowe indicated in July further rate rises would be necessary as the bank seeks to curb inflation.

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"Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve," Lowe said.

Currently, the cash rate sits at 4.1 per cent after the bank held at the July decision.

On a $500,000 loan, mortgage holders are paying approximately $1217 more a month than they were in May last year.

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