The Official Cash Rate will remain unchanged at 0.25 per cent, the Reserve Bank has announced this afternoon.
The Reserve Bank this afternoon stated that the announcement comes as the global economic outlook has continued to improve.
It also hinted that it might be a while before official interest rates rise.
"The Committee agreed to maintain its current stimulatory monetary settings until it is confident that consumer price inflation will be sustained near the 2 per cent per annum target midpoint, and that employment is at its maximum sustainable level.
"Meeting these requirements will necessitate considerable time and patience," the Reserve Bank states.
Signs for a recovering economy continue to be positive as the Covid-19 situation appears to be improving overall globally, the banks says.
"Confidence in the outlook is rising as the more extreme negative health scenarios wane given the vaccination progress globally.
"We remain cautious however, given ongoing virus-related restrictions in activity, the sectoral unevenness of economic recovery, and the weak level of business investment."
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