The RBA board has decided to keep interest rates on hold at 4.75 per cent.
The RBA pointed to unsettled global conditions in recent weeks.
'Credit growth has declined over recent months and is very subdued by historical standards, even with evidence of greater willingness to lend. Most asset prices, including housing prices, have also softened', a statement read.
'The exchange rate is high. Each of these variables is affected by other factors as well, but together they point to financial conditions being tighter than normal. At today's meeting, the Board judged that it was prudent to maintain the current stance of monetary policy.'
More to come...
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