Money markets are still pricing in two more interest rate cuts this year, despite Reserve Bank of Australia governor Michele Bullock saying she does not have the same confidence after easing monetary policy for the first time since 2020.

The central bank cut the cash rate on Tuesday by 25 basis points to 4.1 per cent as widely expected by economists and traders, but it stopped short of declaring victory on inflation, suggesting a more cautious path to any further rate relief.