Markets are now almost certain of a July interest rate cut after a week of underwhelming economic data, as the Reserve Bank’s former chief economist Luci Ellis questions whether the central bank has waited too long to ease policy.

Financial markets now ascribe a 97 per cent chance that Reserve Bank of Australia governor Michele Bullock will deliver the third rate cut this year when the board next meets July 7 to 8, according to Westpac, cutting the cash rate to 3.6 per cent from 3.85 per cent.