RBA leaves cash rate on hold at record low two per cent

The Reserve Bank has left the cash rate unchanged at a record low of two per cent for an 11th straight month.

It's a unique day for the RBA Source: AAP

RBA governor Glenn Stevens noted in a statement accompanying the decision that local economic growth is staying solid despite falls in commodity prices.

Commodity prices have declined very substantially over the past couple of years," he said.

"This partly reflects slower growth in demand but also, in some key instances, large increases in supply. The decline in Australia's terms of trade has continued."

More to come