The industry is calling on the banks not to move out of cycle with the RBA at the next board meeting.
According to national accounting firm Chan & Naylor, any increase beyond the official rate would be completely unjustified.
Chan & Naylor's chief executive officer Sal Carrero said that the case for a rate rise is weak given inflation is on target and house price growth has moderated.
"Our strong currency is already having the impact of an interest rate rise. The strength of the Australian dollar will have a significant impact on sectors such as manufacturing, agriculture and resources," he said.
Mr Carrero said it would be a mistake to assume that the Australian economy is unaffected by the ongoing global recession.
"The Reserve Bank only needs to look at the small to medium business sector to see that times are still tough."