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The Reserve Bank of Australia has left the official cash rate on hold for the 11th consecutive month.
According to a statement by RBA governor Glenn Stevens, continued problems abroad had forced the Board to keep the cash rate on hold at 4.75 per cent.
The Board has not moved the cash rate since November 2010.
Speaking at the Board meeting, governor Glenn Stevens while temporary impediments that had contributed to a slowing in growth in some countries over recent months are lessening, recent data suggest a continuing period of soft economic conditions in both Europe and the United States.
“Moreover, the uncertainty and financial volatility have reduced confidence, which could result in more cautious behaviour by firms and households in major countries,” he said.
As such, the Board took the view that the current cash rate remained appropriate.
The news comes as no surprise to economists, with a majority now expecting the RBA to keep rates on hold until 2012.