At its meeting today, RBA decided to leave official interest rates unchanged at 4.5 per cent.
Rates were put on hold after 3 consecutive raises in a previous months as RBA believes that interest rates to borrowers are around their average levels of the past decade:
Interest rates to borrowers are around their average levels of the past decade, which is a significant adjustment from the very expansionary settings reached a year ago.
Concerns about worsening debt crisis in Greece and several other European countries and fear of renewed signs of global economic weakness also had a big impact on RBA decision. However global growth is still expected to be at about trend pace in 2010.
Most economists now expect that the RBA would not be making a change to official interest rates for a couple months in a row.