The Reserve Bank should hold off a further rate cut and continue to communicate its future policy options as a cheaper way to stimulate the economic recovery, the bank's shadow board members have argued.

But previous RBA board directors including former Woolworths chief executive Roger Corbett and former Westfield chairman Dick Warburton have counselled past board members for speaking out against the central bank's likely decision, saying they should trust the bank's better access to data and professionalism.