The decision by the Reserve Bank of Australia board on Tuesday is the most eagerly awaited monetary policy call in many years – both for home borrowers and politicians on the eve of a federal election.

For the nine RBA board members, it will be a close call between trimming the 4.35 per cent cash rate and holding their nerve by keeping rates steady against unprecedented community and political pressure. Market pricing of a 90 per cent chance of an immediate rate cut seems overblown and the balance of probability is more likely closer to a 50/50 coin toss for the board as a collective.