The Reserve Bank has kept its cash rate on hold for a record 20 consecutive months, giving no clues as to when it will move, amid talk of another 20 to come.

The cash rate was last cut in August 2016. Tuesday’s decision to keep it at 1.5 per cent marks the twentieth consecutive month it has been steady, eclipsing the previous record of 19 months set when the rate was held at 7.5 per cent between December 1994 and July 1996 rather that cut as the government wanted as the economy recovered from the early 1990s recession.

RBA governor Philip Lowe has said the next rate move is likely to be up, but also made it clear the economy's return to full employment and inflation getting nearer the 2.5 per cent midpoint of the RBA's target will only be gradual. Credit:Bloomberg

The statement released by Reserve Bank Governor Philip Lowe after Tuesday’s meeting provides few clues as to when it will move.

It says low interest rates are “continuing to support the Australian economy”.