Only one more rate cut is on the cards for the Reserve Bank of Australia (RBA) this year, unless global risks pose a significant threat, ANZ Research said in reference to the bank's February minutes.

Analysts said markets should pay attention to the wage price index in the coming quarters as the RBA cited recent trends in inflation and wages as the main reason for the February rate cut.

On external factors, ANZ Research noted that the RBA's work on US policy scenarios "tended to suggest that the downside risks to growth are clearer than upside risks to inflation."

ANZ Research reiterated its forecast for a second and final rate cut in August in the current cycle, but noted that additional easing may be warranted if the global environment deteriorates.