The Reserve Bank of Australia has ended a run of three consecutive official cash rate rises, deciding to keep interest rates on hold in June.
That leaves the official cash rate at 4.5% and major trading banks' mortgage interest rates at between 7.24% and 7.51% - unless they raise rates independently of the RBA.
The ABC reports the decision was predicted by all 22 financial institution economists surveyed by Bloomberg, after the RBA gave a clear message at last month's meeting that mortgage rates were back at average levels.
In his statement accompanying the decision, RBA governor Glenn Stevens seems satisfied with the bank's work so far, and disinclined to move the cash rate up in the next couple of months.
"As a result of actions at previous meetings, 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," he said.
"Taking all the available information into account, the board views this setting of monetary policy as appropriate for the near term."
