Australia's central bank is set to lay out what prompted its decision to keep interest rates on hold.

The Reserve Bank will on Tuesday release the minutes from its September meeting where, to the frustration of mortgage holders, it kept the official cash rate at 3.6 per cent.

A rate cut at November's meeting on Melbourne Cup day was still a possibility, but the data pointed to another hold, Westpac Group chief economist Luci Ellis said

"The economy could be in for something like a re-run of late 2023, when an upside surprise in September quarter inflation was followed by a downside surprise in the December quarter," she said.

"The odds that the RBA cuts in November are, at this point, below 50 per cent, but still a long way from zero.

"The data flow could change things again."

In the

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