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The RBA decided to leave the cash rate unchanged at 3.0 per cent at its board meeting today.
The decision marked the second consecutive month that the central bank has held monetary policy steady as it continues to monitor macroeconomic measures already undertaken.
“Much of the effect of this [monetary policy] is yet to be observed,” Glen Stevens, RBA governor said.
Mr Stevens said evidence was continuing to emerge that the global economy was recovering but he acknowledged that for now the domestic economy was contracting and the RBA was poised to act if needed.
“…The prospect of inflation declining over the medium term suggests that scope remains for some further easing of monetary policy, if needed.
“In assessing how it might use that scope, the board will continue to monitor how economic and financial conditions unfold, and how they impinge on prospects for a sustainable recovery in economic activity,” he said.
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