The Reserve Bank has handed Malcolm Turnbull one of the oddest endorsements he's likely to receive in the course of the campaign.

It not only sat on its hands on Tuesday rather than cut interest rates again as it had in May, it gave every indication it would keep its hands on the seat.

The key words in the statements released by the governor after each board meeting are the last. Often they indicate that his thinking is evolving, that he will keep an eye out for developments.