"The board today judged that leaving the cash rate unchanged was appropriate at this meeting," said the statement from the board on Tuesday afternoon.

"Further information on economic and financial conditions to be received over the period ahead will inform the board's ongoing assessment of the outlook."

The board's statement was almost exactly the same as its statement from September. It stated that the US Federal Reserve could be expected to increase rates in the period ahead, equity markets "have been considerably more volatile" of late, and global financial conditions remain "very accommodative".

In Australia, "moderate expansion in the economy continues," with the Australian dollar "adjusting to the significant declines in key commodity prices".

The Australian dollar spiked from 70.80 US cents to 71.20 US cents after the decision. It's currently trading at 71.15 US cents.

It is the sixth month in a row the Reserve Bank has had the cash rate at 2 per cent, with most economists expecting no change until the first half of next year at the earliest.

The result was not unexpected, with the market pricing in only a 27 per cent chance of a 25 basis point rate cut, according to Bloomberg.

Commsec chief economist Craig James said the September and October statements from the Reserve Bank were almost the same "word-for-word".

"The bottom line is that there has been no change to the neutral policy stance – a stance that suggests that the next move in rates could be either up or down," said Mr James.

"CommSec expects the cash rate to remain unchanged over the next year. There is certainly no case to cut rates at present, but it is far too early to be talking about rate hikes given that inflation is still low and broad economic growth rates are below normal".

Commonwealth Bank economist Gareth Aird said there were "only two material changes from last month's statement."

"The Governor notes that dwelling prices "continue to rise strongly in Sydney and Melbourne" - last month only Sydney was cited. And Stevens stated that "the available information suggest that moderate expansion in the economy continues" - last month he stated that "most of the available information"."

Mr Aird stated that "the case to leave rates unchanged is stronger than the case for a near term rate cut". "We have the Reserve Bank on hold at 2 per cent."

The market has priced the odds of a cut sometime this year at 50 per cent, with a 29 per cent chance of a cut next month, he said.

However, TD Securities analyst Annette Beacher said the statement "all but rules out a November cut".

"Anyone looking for a November cut needed today's statement to turn decisively dovish, if not actually include an explicit easing bias," she said.

"The Reserve Bank kept the cash rate at 2 per cent as widely expected. What was not widely expected was the Board defying market pricing for a shift towards a more dovish stance."

HSBC chief economist Paul Bloxham said there was little chance of a cut anytime soon. "Without a significant shock it seems hard to see the Reserve Bank cutting further before the end of this year, as the market has recently been pricing with a 50 per cent probability. We expect the Reserve Bank to remain on hold in coming quarters."

St George economist Hans Kunnen said that "financial markets may be pricing in a rate cut by March 2016, but we disagree on the basis of our outlook for global and domestic economic activity.

"The broad message of the statement...suggests to us that the cash rate will be on hold well into 2016."

ANZ economist Felicity Emmett said the decision was "not surprising".

"Clearly, the downside risks to the international outlook have increased, and the recent economic data do suggest some slowdown in momentum offshore, but it's too early for the Bank to have much clarity on how those risks are playing out."

Capital Economics chief economist Paul Dales said a further rate cut would eventually occur, if not right now. "By leaving interest rates on hold at 2 per cent for the fifth month in a row today, the Reserve Bank demonstrated that the recent falls in equity prices have not increased its appetite for further rate cuts.

"We expect that a more general weakening in the economic outlook for next year, however, will bring rate cuts back onto the agenda soon, with rates eventually falling to 1.5 per cent."

Aberdeen Asset Management Senior Investment Manager Justin Tyler said there were "no surprises in today's announcement."

"The Reserve Bank remains comfortable with the support that easy monetary policy is providing to both consumption and the housing market."

The Australian dollar has fallen 6 per cent in the past three months, providing looser financial conditions and supporting growth, and economic indicators such as jobs growth and business confidence are steady.

All 14 economists in a recent AAP survey expected the RBA to keep the cash rate at 2 per cent at its October meeting.

But looking ahead, only three predict there will be another interest rate cut. Six predict an interest rate rise, although not until late 2016.

Future debt markets are more bearish, tipping a 50:50 chance of a rate cut by early next year.

ANZ and Citi are among those expecting a rate cut this year.

ANZ tipped two more 0.25 per cent cuts, which would bring rates down to a record low of 1.5 per cent. This was due to to softer emerging market growth, particularly in China, and little prospect of increasing non-mining investment making a dent into the unemployment rate, said the bank's chief economist, Warren Hogan.

Citi economist Josh Williamson tipped no cut in October but a cut to 1.5 per cent in November due to Australia's slowing growth in the current commodities downturn and the high unemployment rate.

"The labour market is the key thing now," Mr Williamson said.

"The growth employment figures are not as good as they seem at first glance. We are creating more jobs but underemployment is high, and the new jobs are generally low income jobs and distributed in such a way it won't help solve growth issues or support an improvement in consumption."