As widely expected, the RBA has elected to keep interest rates on hold at 1.5 per cent at its August monetary policy meeting.
The decision to keep the cash rate on hold marks 11 months in a row the RBA has held fire on interest rates.
The news does not come as a surprise, with the ASX 30 Day Interbank Cash Rate Futures August 2017 contract pricing in a 100 per cent chance of 'no change' as at 31 July 2017.
AMP Capital chief economist Shane Oliver said weaker than expected inflation numbers and a rebound in the Australian dollar indicate it is "way too early" to hike interest rates in Australia.
"While growth was weaker than expected in the March quarter, recent data suggests its back on track – which reduces pressure to cut rates again, but there are risks around the consumer," Mr Oliver said.
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