It's also just the second monetary policy decision borne out of the new Board.
As of 4 July, 97% of traders expect the RBA to cut by another 0.25%, taking the cash rate down to 3.60%.
It would be the third such cut of 2025 and would likely leave many variable rate mortgage holders paying an interest rate 0.75% lower than the start of the year.
Economists from all of the big four banks are also now in unison that a cut is the likeliest outcome of Tuesday's meeting.
"A benign monthly CPI print in May and a steady labour market allows the RBA to move the cash rate back to neutral at a relatively swift pace," Senior CommBank economist Belinda Allen said a fortnight ago.
"We expect there to be a discussion of both leaving the cash rate on hold and cutting by 25 bp...we expect a cut will make the stronger argument."
Westpac and ANZ were also previously calling a hold before flipping to a cut in the last couple of weeks.
Any chance of an upset?
A couple of months ago many commentators had pencilled in a hold for July, with further rate cuts generally predicted to fall later in the year.
Governor Michele Bullock and the RBA board have maintained it will be cautious about loosening monetary policy, lest bringing rates down too quickly causes inflation to pick back up again.
The June quarter CPI inflation numbers, usually considered the definitive measure of how prices are tracking, won't be released until 30 July.
As such it was suggested the RBA would maintain a hawkish approach to keep rates on hold at least until the August meeting, where the decision will be informed by the Q2 price information.
Prior to changing Westpac's official prediction, Chief Economist Luci Ellis (ex-RBA Assistant Governor) said RBA rhetoric pointed to a reluctance to cut twice in a row.
However, trading activity suggests financial markets have been heavily tipping a cut for a while, prompting Ms Ellis to change her view to now predicting the RBA will decide to "validate" market pricing.
"What we are about to see is an RBA that was planning to cut rates soon anyway deciding it may as well get on with it rather than make a contestable argument for further delay," Ms Ellis said.
The less comprehensive monthly inflation numbers suggests price growth is moderating as hoped - underlying inflation (excluding volatile goods like fuel and groceries) was 2.4% over the year to May, down from 2.8% in April.
However, the labour market remains strong, with a 4.1% unemployment rate in May meaning there will need to be a substantial jump to hit 4.2% by June to meet RBA forecasts.
Is your lender acting quickly enough?
If the 25 bps cut does happen on Tuesday, the following days should see a flurry of announcements from Australia's lenders that variable mortgage rates (and of course savings account returns) will be reduced accordingly.
Many borrowers will be anxiously waiting to see an announcement from their lender that the cut will be passed on, but when those announcements do come the details are also very important.
After the May cut, there were some lenders that passed on the cut to customers within a matter of days or even hours, while at other lenders the interest rate reductions weren't effective for a few weeks.
That delay means you're still paying the higher interest rate for longer, so its something to consider when you're assessing whether your lender is doing right by you.
Many lenders also don't lower your repayments automatically, so you might need to get in touch if you want to pay less each month (although keeping your repayments the same could mean paying off your mortgage faster).
Head of Personal Banking at Macquarie Bank Ben Perham is urging home loan holders to ask these kinds of questions of their lender.
"The answers they give you could cost you thousands," he said.
Image from the Reserve Bank of Australia
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