Economists expect Reserve Bank to cut interest rate to record low of 2%

12 out of 15 experts believe rate will be cut, but National Australia Bank says due to better economic data cut will not happen until August

The Reserve Bank is expected to make only one more interest rate cut in the foreseeable future and economists say it is mostly likely to happen on Tuesday. But the futures market has priced in the chance of a cut at only 50%.

Twelve out of the 15 economists surveyed by AAP expect the RBA to cut the cash rate to a new record low of 2% at its May board meeting, after the bank made a similar reduction in February.