The Reserve Bank has kept interest rates on hold to give households more time to pay their bills before the rise cycle begins.
The cash rate will remain at 3 percent – a rate that has stayed stagnant since April in an effort to combat the downturn.
While economists had predicted rates would remain on hold for the time being, there is growing talk that the interest rates will start to rise before years end.
RBA Governor Glenn Stevens said the board would “continue to adjust monetary policy in order to foster sustainable growth in economic activity and inflation consistent with the target.”
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