The Reserve Bank is in no rush to cut interest rates again, the minutes from its last meeting reveal, as it waits for more economic data to guide its next steps.

The central bank is worried inflation may be stronger than expected, driven partly by price growth in the services economy, which includes sectors such as healthcare, finance and hospitality.

Inflation data for the September quarter, to be released at the end of October, will be crucial to understanding the future direction of Australia's economy, the bank's board said on Tuesday.

"Recent data suggested that inflation in the September quarter may be higher than had been expected," the meeting minutes warn.

The RBA kept the official cash rate on hold at 3.6 per cent in its September meeting, to the frustration of mortgage holde

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