The 31 March-1 April meeting marks the first time the RBA's new Monetary Policy Board will deliberate on whether to adjust Australia's current cash rate from 4.10%.

Despite economic conditions pointing to another fall in the rate, after the first cut in more than four years was handed down in February, nearly no one is expecting the cash rate to be moved on Tuesday.

Despite the RBA's insistence that it relies on the the hard, cold assessment of latest data, the board may be mindful that a rate cut during a federal election campaign may lend the incumbent government political capital.

As an independent body, it mightn't be a good look for the RBA to open itself up to suggestions it may be bolstering the fortunes of one side of politics over the other.

This is particularly so given it was the current government that appointed the RBA's two new board members, former Bendigo Bank boss Marnie Baker and economist Renee Fry-McKibbin, both of whom are on the new Monetary Policy Board.

Market traders' opinions have held steady recently, only pricing in an 8% chance that the new-look board will cut the cash rate by 25 basis points to 3.85% on Tuesday.

That's despite the latest monthly inflation data for February showing both headline inflation (2.4%) and underlying inflation (2.7%) are tracking lower than RBA modelling.

When do the big banks say the cash rate will fall?

Many analysts and commentators say May is a good bet for the next cut in the cash rate, after the federal election is out of the way and the new government (whichever it is) is sworn in.

Australia's largest bank, CommBank, is among those tipping the May meeting to deliver another rate drop.

National Australia Bank says it will occur "this quarter", so either April or May – the July RBA meeting will be held at the start of the third quarter.

Westpac is also tipping another cut "in the June quarter".

But the big variable in future meetings is uncertainty surrounding the global economy, particularly with US President Donald Trump's "Liberation Day" trade tariffs on foreign imports due to take effect on Wednesday 2 April. 

Treasury modelling released as part of last week's Federal Budget suggests a blanket 25% tariff on manufactured goods coming into the US would likely take more than 0.1% off Australia's economic growth while adding that much to inflation.

While the number isn't big, the RBA board will be watching the trepidation it creates in the global economy.

Earlier this month, RBA chief economist Sarah Hunter acknowledged the board was making decisions in an "uncertain environment".

She said the RBA’s policy decisions are being made in the context of "various risks and uncertainties".

April's cash rate decision will be announced by RBA governor Michele Bullock at 2:30 pm (Sydney time) on Tuesday.

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