Just received confirmation & in a surprise move, the Reserve Bank of Australia announced it is leaving the cash rate unchanged at 3.75% as it waits to see the effects of earlier rate rises.
In a statement released this afternoon, Governor Glenn Stevens the continued legacy of the financial crisis affected its decision.
Despite improvements in the global financial markets, Stevens said: “Credit conditions nonetheless remain difficult in the major countries as banks continue to face loan losses associated with the period of economic weakness. Concerns regarding some sovereigns have increased,” he said.

Stevens noted that economic conditions in Australia have been stronger than expected, adding that the country has experienced lower than expected unemployment, modest inflation and expanding credit for housing.