Australia's official interest rate has now been on hold at its record low for 12 months and borrowers can rest assured that it won't be moving anytime soon.
As expected, the Reserve Bank of Australia kept the cash rate at 2.5 per cent at its August board meeting on Tuesday.
And there were few surprises in the statement accompanying the RBA's decision, with governor Glenn Stevens maintaining his familiar phrase that "the most prudent course is likely to be a period of stability in interest rates".
Continued low interest rates were expected to help growth strengthen over time, although growth was expected to be "a little below trend over the year ahead", Mr Stevens said.
The August statement appeared to be a "copy and paste" from July's, with little change in the RBA's tone or guidance, JP Morgan chief economist Stephen Walters said.
"RBA officials still expect a period of sub trend growth as the economy finds alternative sources of growth, as mining investment declines `significantly," Mr Walters said.
HSBC chief economist Paul Bloxham said the statement suggested the Australian economy was rebalancing toward non mining-led growth as mining investment continued to slow down.
"The statement once again noted that there are signs of 'moderate growth' in consumer demand and a 'strong expansion in housing construction', while at the same time `resources sector investment spending is starting to decline significantly," Mr Bloxham said.
"These comments suggest that Australia's rebalancing act is underway.
"However, the RBA still views the high Australian dollar as slowing down the pace of this rebalancing."
UBS economists Scott Haslem and George Tharenou expect the RBA to remain on hold until next year.
"For now, the RBA continues to purposefully deliver nothing but a steady hand in its rhetoric, balancing a high Australian dollar and weakening mining sector against signs the domestic economy is improving, a stabilising jobs market, and inflation that gives the RBA little room to be more accommodating," the economists said.
RBC Capital Markets head of economics Su-Lin Ong said Tuesday's decision marked the longest period of steady rates since 2005/06.
"Signs of policy traction (especially in housing) argue against further easing, but the patchy rotation of growth and the labour market also suggest that policy normalisation is not a serious discussion around the board table at present," Ms Ong said.
But CommSec chief economist Craig James warned against complacency when it comes to future rate hikes.
"At some point the Reserve Bank has to adopt more `normal' interest rate settings," Mr James said.
"Underlying inflation has been creeping higher and there are signs that the economy is shaking off the `budget blues'.
"Consumers and businesses must guard against complacency."
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