The fresh round of macro-prudential policies announced in late March have resulted in tighter credit policies and premiums on mortgage rates for investors and interest only borrowers.
"The RBA remains stuck between a rock and a hard place on interest rates", he said.
Following its regular monthly meeting, the RBA left the official cash rate at 1.5 per cent, the same it has been since August a year ago.
"Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time", the bank said in a statement.
"Despite a clearly better global growth backdrop seeing a rebound of commodity prices since a year ago, which provided a positive income shock for the Australian [economy], there still has not been a material rise in wages or CPI", said UBS.
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Increased public infrastructure investment is also supporting the economy.
"We still expect a "soft landing" for housing, but RBA rate hikes could cause house price falls, which reverses the household wealth effect and drags on consumption/GDP more than expected", said the report.
While inflation has lifted a little over recent months, Dr Lowe said this was due to two areas - tobacco and electricity.
Subdued demand is evident in weak retail spending, down 0.3% in the September quarter, against a backdrop of record low wages growth of 1.9%, and rising energy costs. The firm's growth outlook is much flatter than central bank projections, particularly given the assessment on household incomes and wages, Evans added.