The Reserve Bank has left the door open to even more interest rate cuts, with the minutes of its latest meeting showing ongoing concern about the state of the jobs market and the lack of wages growth experienced by Australian workers.

The RBA cut the official cash rate to 1 per cent - a new all-time low - at the July meeting, following a quarter percentage point reduction in June.

New minutes show the bank's concern about softeness in the jobs market continued in the board's July discussion with a heavy focus on the state of employment across the country.

Financial markets have priced in a further interest rate cut by February next year although many market economists believe the RBA will move in November following the September quarter inflation report.