The Reserve Bank of Australia has left interest rates on hold at an historic low of 1.5 per cent as widely expected.

All 64 economists polled by Reuters expected the RBA to keep rates on hold at today’s meeting, the last of the year.

Markets are currently pricing in a 12 per cent chance the RBA will hike rates in 2017.

Over a longer-term outlook, 20 economists in the Reuters poll expect a rate hike by early 2018 compared to 15 who see a cut.