Governor Glenn Stevens' statement explaining the board's decision to hold fire included an "easing bias", noting that "it was appropriate to hold interest rates steady for the time being. Further easing of policy may be appropriate over the period ahead".

Most economists are predicting the central bank will follow up on its February rate cut possibly next month or more likely in May, while financial markets are pricing in a 48 per cent chance of a cut at the April meeting and tip the cash rate will drop to 1.75 per cent over the next 12 months.

TD Securities head of Asia-Pacific rates research Annette Beacher is one of many RBA watchers to predict a May cut, saying a contingent in yesterday's statement - that "the board will further assess the case for such action at forthcoming meetings" all but ruled out an April move.

After that the RBA would keep the cash rate on hold for a long time, she said: "We leave 2 per cent (cash rate) in place until deep into 2016."

UBS also predicted a May cut, saying the board would want evidence macroprudential measures to curb lending for housing investment are providing some restraint on the property market. The bank would also want to  assess first-quarter inflation data plus more details around fourth-quarter growth figures before providing further support to the economy.

"We continue to see the cash rate trough at 2.0 per cent, and ... (yesterday's) decision questions the likelihood of it moving any lower than this over the coming year," UBS economist Scott Haslem said.

But Macquarie said that while May would give the RBA the opportunity to weigh the latest inflation data - due in April - and reassess growth targets in its next quarterly statement on monetary policy, it saw a good chance the central bank would  prefer to wait.

The main reason the bank gave for a possible delay beyond May was that due to the current political sensitivities around the Liberals leadership the RBA wouldn't want to be seen as in any way judging or reacting to the budget, which also gets delivered that month.

"We think the risk lies with the RBA being sidelined through May," Maquarie writes in a note to clients. "The leadership landscape is such that there is a risk an RBA policy move could be co-opted as proof, or judgement, of the quality of the Budget or of the leadership."

A June decision could be similarly tainted, the bank's economists add. "The air clears from July, which brings August into the frame."

'Dice may not roll the RBA's way'

What about alternatives, like April? Having received the business investment data last week, and GDP today, there was little in the way of top tier domestic data to drive the RBA to hold over a decision until April, Macquarie said.

Macquarie noted a 25 basis point cut in isolation would be unusual, and unlikely, given the RBA wants the Aussie dollar to weaken, but the bank created a scenario under which the RBA won't cut rates any further, making the February easing a 'lone-wolf move'.

If the Federal Reserve were to start lifting US rates in June - as Macquarie predicts, but which isn't consensus among market observers - that could strengthen the greenback, and give the RBA a "get out of jail free", the bank said.

"But given the risk of Fed delay, and the full impacts of the European Central Bank's quantitative easing (which was launched this month) yet to emerge, suggests to us that the dice may not roll the RBA's way," Macquarie said.

The bank's base case is still that the RBA will cut more than once this year to take the dollar lower: "We remain of the view that the extent of cuts in 2015 is more likely to be 50-100 basis points, than 25-50 basis points."

"Currency depreciation, particularly over the past few months, has merely matched declines in commodity prices," the bank said. "The actions of other central banks over coming weeks, and months, could hinder the dollar's decline."

Meanwhile, ANZ co-head of Australian economics Felicity Emmett is in the April cut camp, and today's softish GDP figures showing the economy grew just 0.5 per cent in the fourth quarter reinforced her stance.

"The soft growth outcome reflects falling mining investment, weak public spending, and a large subtraction to growth from inventories," she said noting that non-mining investment was not growing as strongly as hoped for.

"While lower rates will help at the margin, the missing ingredient seems to be confidence, and the key question is what is required to boost business confidence in the non-mining economy? Ms Emmett said. "Today's numbers are only likely to have reinforced that possibility and we expect the bank to cut the cash rate by a further 25 basis points in April."