There's been a sharp reality check this morning about the likelihood of official interest rate cuts in the coming months.

The Paris based OECD, which is led for Australia's former finance minister Mathias Cormann, says central banks need to be cautious about slashing rates until there's firm evidence that inflation is under control.

The advice comes as Australia's Reserve Bank board prepares to reveal its rates decision this afternoon and possible signals about a timeline for rate cuts.