The Reserve Bank of Australia (RBA) left interest rates unchanged for July but economists believe there may be a rise as early as next month. The RBA's decision to keep the cash rate steady was widely expected, after it last lifted rates by 25 basis points to 5.75 per cent in May. "At its meeting on 4 July, the Reserve Bank board decided to leave the cash rate target unchanged at 5.75 per cent," the RBA said in a statement on its website. ANZ head of Australian economics Tony Pearson said it was too soon to fully evaluate the impacts of the May rate rise. "The most likely months for (monetary) policy adjustment would be August and November, following the June and September quarter inflation data," he said. "While we would normally suggest it would be prudent for the RBA to pause for a while, to allow time to more fully assess the impacts of the last rate increase, the robustness of economic activity and the persistence of cost and wage pressures suggests they may not have that luxury. "The odds are rising that policy will be adjusted sooner rather than later." Economists were unanimous in their expectation that interest rates would not be changed following the RBA's board meeting on Tuesday. SOURCE: AAP