The Reserve Bank of Australia (RBA) said its meeting in May would be an "opportune time to revisit the monetary policy setting" as it monitors the risks from the rapidly evolving trade developments and their impact on domestic conditions, minutes from its April meeting showed on Tuesday.

In a widely expected move, the RBA maintained the official cash rate at 4.1% on April 1. That was before the Trump Administration's "Liberation Day" tariffs, which was later rescinded.

"In addition, members judged that it was not appropriate at this stage for monetary policy to react to the potential risks that could move outcomes in either direction," the RBA said.

The bank's board members noted that while it was not possible to determine the timing of the next move, future decisions would be based on new information and how it would impact the economic outlook.

"Given this, members agreed that it would be helpful if the Board's public communication following the meeting made it clear that the outcome of its next decision was not predetermined," the RBA added.

Analysts are projecting more rate cuts from the RBA in the wake of the US tariffs.

In an April 10 report, NAB Economics said the RBA is forecast to deliver a 50-basis-point cut in May, followed by 25 basis points at each meeting in July, August, November, and 2026, lowering the official cash rate to 2.6% by February 2026 from the current 4.1%.