The Reserve Bank of Australia has left its key interest rates, including the cash rate, unchanged at a record low 0.1 per cent as widely anticipated by economists.
Following its monthly board meeting on Tuesday, central bank governor Philip Lowe said the economic recovery is well under way and has been stronger than was earlier expected.
"The current monetary policy settings are continuing to help the economy by keeping financing costs very low, contributing to a lower exchange rate than otherwise, and supporting the supply of credit and household and business balance sheets," Dr Lowe said in a statement.
He reiterated that the board will not increase the cash rate until inflation is sustainably within the two to three per cent target range, conditions it does not expect to be met until 2024 at the earliest.
