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The Reserve Bank is expected to take a breather when it reviews the Official Cash Rate on Wednesday, before pushing on with cuts later in the year.
The central bank鈥檚 Monetary Policy Committee is widely expected to keep the Official Cash Rate (OCR) at 3.25 percent.
Westpac Chief Economist Kelly Eckhold says the central bank runs some risks if they cut at this point.
"What they risk is that the CPI, which is due later on this month, comes in uncomfortably high - and some of the data we've seen since May suggests that it is actually going to be a bit stronger than what they forecasted."
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