Although economists still believe that a rate hike is coming in a few months time, the Reserve Bank is still expected to leave interest rates as they are when it meets this week.
In a recent survey conducted by Dow Jones, of 21 economists, only three felt that the Reserve Bank would raise interest rates by 25 basis points to 5% when it meets later this week.
The Reserve Bank has kept rates on hold since November 2010 after seven rate rises beginning in October 2009.
Seven economists thought there would be a rate rise in July, while more than half the other economists felt that the next rate rise would be in August.
Gross domestic data that was released on Wednesday last week revealed that the economy has suffered its worst contraction in 20 years, in the first quarter, as coal exports from Queensland collapsed due to the natural disasters.
One thing that you can be certain of, and that is, that interest rates are going to go up, and it could be as early as next month or maybe the month after that.
Most economists have predicted that there will be at least one interest rate rise before the end of the year if not two.
Should there be two interest rate rises then the rates will go up to 5.25 per cent adding a further 0.5 percent to your variable home loan rate.