There is little to suggest that the Reserve Bank is keen to move interest rates any time soon, even as new figures show consumer spending is again becoming the key driver of economic growth.
The central bank left its key interest rate at a record low for another month following Tuesday's board meeting.
It believes that is "appropriate" with economic growth overall remaining below its long-term average and inflation likely to be contained for the next one or two years.
"In such circumstances, monetary policy needs to be accommodative," RBA governor Glenn Stevens said in a statement on Tuesday.
The cash rate has been at two per cent since May.
One key change in the statement from the previous month is that the governor appears satisfied that the Australian dollar is adjusting to the significant declines in commodity prices.
New figures showed retail spending rose 0.7 per cent in June to $24.3 billion, almost double the growth predicted by economists.
For the June quarter, spending also rose by a stronger-than-forecast 0.7 per cent, providing a solid contribution to economic growth.
"There is scope for consumer spending to fill in some of the hole left by weaker-than-expected non-mining business (capital expenditure)," Commonwealth Bank of Australia chief economist Michael Blythe says.
However, retail growth was not broad-based, with spending in food, clothing and department stores all easing in June.
But household retailing rose 2.2 per cent in the month buoyed by the continued strength of the housing sector, combined with demand for electrical and electronic goods, which would be consistent with small business spending to take advantage of tax initiatives in the budget.
Cafes, restaurants and takeaway food services were also one of the stronger retail areas, growing 1.2 per cent in July.
However, workers in these retail sectors are one target of draft recommendations in the Productivity Commission's workplace relations framework report released on Tuesday.
Among its recommendations, chairman Peter Harris says Sunday penalty rates for cafes, hospitality, entertainment, restaurants and retailing should be aligned with Saturday rates.
The report finds that Saturday and Sunday are now roughly the same in business terms compared with 30 years ago.
Monthly international trade data showed another large $2.9 billion deficit in June, ending a quarter that was hit by weather-related coal port closures and suggesting exports will be a drag on economic growth when the national accounts are released next month.
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