* RBA leaves official cash rate at 1.50 pct, as expected
* RBA expects economy to grow around 3 pct in 2019
* Acknowledges growth slowed in second half of 2018
* GDP data due Wednesday, Q4 q/q growth seen at +0.3 pct
By Swati Pandey and Wayne Cole
SYDNEY, March 5 (Reuters) - Australia's central bank stuck to its upbeat view of the economy after it held rates at record lows in a widely expected move on Tuesday, just a day before GDP data is likely to show domestic momentum almost stalled last quarter.
The Reserve Bank of Australia (RBA) ended a 30th straight meeting with rates at 1.50 percent and signalled a steady policy outlook as it awaits a pick up in economic growth and inflation.
That wait may prove longer with a run of soft data from consumption to housing this week leading analysts to downgrade forecasts for fourth-quarter growth to near nothing. Official figures on gross domestic product (GDP) are due on Wednesday.
A weak number could jeopardise re-election prospects for Australia's centre-right government which has been pitching "jobs and growth" as its key economic mantra.
The Liberal-National government faces a tough election in May and is widely expected to entice voters with tax cuts and more spending in its annual budget on April 2.
Analysts polled by Reuters suspect the economy expanded by a sub-par 0.3 percent in the December quarter, after a disappointing 0.3 percent rise in the third quarter.
Annual growth is seen slowing to 2.5 percent, from 2.8 percent, making the RBA's call for 3 percent this year look increasingly optimistic.
A flat print could lead the RBA to shift to a dovish stance from its current neutral bias, Citi economist Josh Williamson said in a note. The central bank last month abandoned its long-held tightening bias.
RBA Governor Philip Lowe acknowledged Australia's A$1.8 trillion economy may have slowed over the second half of 2018. Still, he held out the hope for growth to pick up to around 3 percent this year led by rising business investment, higher government spending and stimulatory monetary policy.
Another reason for the RBA's confidence in the economic outlook is a robust employment sector.
"The stronger labour market has led to some pick-up in wages growth, which is a welcome development," Lowe said in a brief statement accompanying the bank's rate decision.
"The improvement in the labour market should see some further lift in wages growth over time, although this is still expected to be a gradual process."
Lowe again pointed to household consumption as "the main domestic uncertainty" especially given anaemic wages growth and sliding housing prices in the nation's biggest cities of Sydney and Melbourne.