Reserve Bank boss Philip Lowe has little choice but to keep leaning on the monetary levers as he tries to avert the threat to the Australian economy from the darkening global outlook, at a time when credit conditions at home have snarled and consumers are feeling decidedly cash-strapped.

That's why investors remain confident that the Reserve Bank will cut its official interest rate to a fresh low of 0.5 per cent early in 2020, after slicing the official rate from 1 per cent to 0.75 per cent on Tuesday.