Official interest rates could be slashed to zero and the Reserve Bank forced to take unprecedented steps to protect the economy and jobs market, some of the nation’s pre-eminent economists have warned.

The latest Scope survey for the Sydney Morning Herald and The Age shows most analysts believe the RBA, which meets on Tuesday, has at least one more rate cut on top of the two it delivered in June and July.

Interest rates could be forced to zero, argue some Scope economists, as headwinds batter the Australian economy. Credit:Louie Douvis

But some believe the economic headwinds, both domestically and from overseas, may become so acute that the Reserve will have to engage in a suite of radical policies including zero interest rates, and even 'quantitative easing', an unconventional tool used by other central banks including the US Federal Reserve and Bank of Japan.

Following the June quarter inflation result, markets have marked down the chances of a cut at the RBA board’s meeting on August 6 but still believe the official cash rate will be 0.75 per cent by year’s end. A further cut, to just 0.5 per cent, is priced in by the middle of 2020.