The Reserve Bank is expected to cut the Official Cash Rate soon, despite leaving it at 1.5 per cent this time

It was cut by 0.25 percent in May, but before that it'd been unchanged for two and a half years.

ANZ chief economist Sharon Zollner expects two further OCR cuts in August and November.

She says the Reserve Bank's talked about downside risks, like the US-China trade tensions and a slow-down in manufacturing.

Zollner says it also talked about some domestic risks and the likelihood it will be cutting the cash rate again.

She says when the Reserve Bank gives a signal that clear, you don't normally have to wait too long before they deliver on it.