Despite that, a survey of economists by comparison site found one in three believe rates will rise in 2016, while 52% believe the official cash rate won’t go up until next year.

“Borrowers shouldn’t expect any further rate cuts this year – with more than half of experts (55 percent) forecasting the Reserve Bank is unlikely to cut rates any further in 2016. The last cut was in May 2015,” says consumer advocate Bessie Hassan.

“But one more drop shouldn’t be ruled out with the worsening economic environment in China yet to be felt in Australia.

“Nineteen per cent of our panelists predict the rate could drop another quarter of a percent (to 1.75 percent) and a further 22 percent say a drop to 1.5 percent is possible in this cycle.”