All bets were on no change when the central bank board announced its decision ahead of the Melbourne Cup on Tuesday.

The call follows welcome progress on inflation but not enough for the RBA to start cutting the cash rate just yet.

Price pressures have been ravaging households and businesses but are starting to ease, with annual headline inflation printing at 2.8 per cent in the September quarter, within the RBA's two-three per cent target range.

Yet the focus has been on underlying inflation, which has been moderating but still above target at 3.5 per cent in September.

"While headline inflation has declined substantially and will remain lower for a time, underlying inflation is more indicative of inflation momentum, and it remains too high," the board said in a statement.

"The November statement of monetary policy forecasts suggests that it will be some time yet before inflation is sustainably in the target range and approaching the midpoint.

"This reinforces the need to remain vigilant to upside risks to inflation, and the board is not ruling anything in or out."