The Reserve Bank of Australia left the cost of borrowing unchanged at 4.25% on Tuesday.
In a statement, Reserve Bank Governor Glenn Stevens said the board saw no need to alter the current level of rates given that growth was expected to remain around average, inflation was near the board's target range of 2-3%, and commercial banks' interest rates were close to average.
However the ABC reports the bank board appeared to leave open the chance for a rate cut as soon as next month, with Mr Stevens noting it thought it prudent to see forthcoming key data on prices to reassess its outlook for inflation before considering a further step to ease monetary policy .
Interest rates in Australia have been at 4.25% since December 2011.
