The Reserve Bank of Australia has left the official interest rate unchanged for the 27th consecutive month.
The record low overnight cash rate of 1.5 per cent was not expected to be adjusted by RBA governor Philip Lowe at Tuesday's monetary policy board meeting.
The central bank has held interest rates steady at at 1.5 per cent since cutting the country's cash rate by 25 basis points in August 2016, a move that heralded the start of a record-breaking run of monetary policy inaction.
The central bank is waiting for falling unemployment to translate into a sustainable increase in wages to bring inflation firmly back into its 2 to 3 per cent target range.
Meanwhile, consumer confidence rose 1.9 per cent, according to the latest weekly reading by the ANZ-Roy Morgan survey, meaning consumer sentiment has regained almost two-thirds of the drop suffered on the weekend of the Wentworth byelection.
The property market continues to soften and five economists recently surveyed by The Australian Financial Review forecast national house values would continue to drop in 2019, with Sydney and Melbourne dragging down the national average.
Source : Bloomberg