All economists – bar Westpac’s Bill Evans and AMP’s Shane Oliver - favour RBA cash rate hold in June: Bloomberg survey

Westpac chief economist Bill Evans and AMP Capital chief economist Shane Oliver are the only two economists out of 21 surveyed by Bloomberg last week who expect a rate cut on June 4.

The other 19 economists surveyed by Bloomberg expect the RBA to leave the cash rate unchanged at 2.75%.

Bill Evans was the first economist to tip the RBA to begin its easing cycle in November 2011 and was also the first to forecast that the cash rate would fall to 2.75%, doing so back in May last year.

He expects the cash rate to bottom out at 2% sometime in the March quarter of next year.

Another economist tipping a rate cut in June – but not included in the latest Bloomberg survey - is Macquarie Group chief economist Richard Gibbs, who said so at a recent Mortgage Choice state conference in WA.

Looking ahead, the Commonwealth, NAB and ANZ all expect one more rate cut this year to take the cash rate to 2.5%.