"The latest inflation data, together with the data on wages and unemployment, have generally undershot market expectations and are broadly in line or weaker than the RBA's own expectations.

"As such, there is no 'smoking gun' for the RBA to raise rates again at the September Board meeting, especially after having kept rates unchanged over the past two meetings.

"A deteriorating outlook for the Chinese economy will also likely mean the RBA are content to maintain their wait and see approach on rates.

"We expect the RBA to leave the cash rate unchanged, but in the post meeting Statement to continue to discuss the case for a further rate hike.