The Reserve Bank of Australia has left official interest rates unchanged for the eighth consecutive month, despite weak economic data.
The move matches expectations by economists that the official cash rate would remain on hold at 4.75%.
In a statement accompanying the decision, governor Glenn Stevens
noted that the RBA's policy is slowing household borrowing and spending.
''Signs have continued to emerge of some greater willingness to lend and business credit has expanded this year after a period of contraction,'' he noted.
''Growth in credit to households, on the other hand, has slowed. Most asset prices, including housing prices, have also softened over recent months.''
The ABC reports that Mr Stevens also noted recent weakness in the world economic outlook due to the Japan earthquake and European credit concerns, which is threatening forecasts of above average global growth.