Morgan Stanley Research previews this week's August RBA Policy meeting.

"We expect the RBA Board to leave the cash rate at 4.35% at its August 11 meeting, extending the pause that followed 75bp of tightening earlier in the year. However, both the post-meeting statement and press conference should retain a hawkish tone," MS notes.

"The Governor is likely to emphasize the persistence of above-target inflation and the risk it poses to inflation expectations. However, the softer domestic demand outlook should temper that message somewhat. We expect the Board's decision to be unanimous," MS adds.