The Reserve Bank of Australia (RBA) Governor Glenn Stevens said at a conference in Melbourne on late Wednesday evening that the interest rate cut is more likely in the near term than an interest rate hike.

"Were a change to monetary policy to be required in the near term, it would almost certainly be an easing, not a tightening," he said.

The RBA governor noted that the economy continued to grow.

"We are still growing. It would be good if the growth was a bit stronger, but nonetheless over the past year the non-mining side of the economy has generated respectable growth in employment," Stevens said.