Current market pricing has the chance of a cut at the meeting at 8 per cent, compared with an 80 per cent possibility later in the year, in November.

The central bank last moved on interest rates in May, when it reduced the cash rate by 25 basis points to a record-low 2 per cent. This came after a surprise cut in February, the bank's first in 18 months.

The focus on Tuesday, then, will be the board's statement around its latest decision.

Bank economists are almost unanimous in their reckoning that weak signs of a pick-up in consumer demand and the job market in Australia are enough to keep the board on the sidelines, even though shrinking business investment remains a challenge.

Another concern is the pace of house price inflation in Sydney, which shows little sign of slowing and tends to weigh on RBA deliberations.

RBA governor Glenn Stevens recently referred to parts of the Sydney property market as "crazy", while fellow board member and Treasury secretary John Fraser was adamant that the same segment had entered bubble territory.

"We think that the RBA retains an easing bias, but seems happy to stay on the sidelines given the strength of the housing market," Barclays' chief economist for Australia Kieran Davies wrote in a research note.

"Although growth in investor mortgages has been relatively stable this year, house prices have strengthened."

Broader consumer price inflation, however, remains subdued, meaning the RBA does have scope over the medium term to further ease policy should that be necessary.

Global market ructions unleashed by the latest developments in Greece's bailout position, along with China's increasingly frantic attempts to smooth violent swings in its sharemarket, will also get a mention in Tuesday's commentary, even if these events have no impact on the final decision.

According to some pundits, however, China, with its proximity to Australia and importance to the economy, is a much bigger concern than Greece.

"As far as the coming RBA meeting is concerned, we expect Greece to be a watching brief for now," said Deutsche Bank's chief economist for Australia Adam Boyton.

"For now, as long as signs of contagion remain limited – and there were, on balance, few surprises in the foreign exchange market open [on Tuesday morning]  – developments in China could well occupy more of the RBA's attention than those in Greece," he said.

Latest data signals and guidance on when the US Federal Reserve finally begins lifting interest rates will also figure in Tuesday's commentary, as will the repercussions of financial market unease, according to economists.

"The RBA will likely note increased financial market volatility," said Nomura Australia's rates strategist Andrew Ticehurst.

"Developments in Greece and Fed hiking expectations have led to higher and more volatile bond yields, wider credit spreads and weaker equity markets, increasing corporate funding costs."

He said despite the Australian dollar's decline to six-year lows in recent days, the RBA is likely to reiterate that further depreciation "seems both likely and necessary".

The Aussie on Tuesday morning was fetching about US74.80¢, close to what the RBA and market economists consider fair value.

The current level  reflects further falls in key commodity prices and growing risk aversion among market investors.