THE Reserve Bank is reluctant to make a change to the cash rate in the coming months, after its sixth straight decision to leave it at a record low.
"On present indications, the most prudent course is likely to be a period of stability in interest rates," RBA governor Glenn Stevens said in a statement after Tuesday's board meeting, repeating the words he said a month ago.
There were signs the local economy was moving away from the heavy influence of mining investment to being driven by the non-mining sectors, such as home building construction, he said.
"Recent information suggests slightly firmer consumer demand and foreshadows a solid expansion in housing construction," Mr Stevens said.
"Some indicators of business conditions and confidence have shown improvement and exports are rising."
"At the same time, resources sector investment spending is set to decline significantly and, at this stage, signs of improvement in investment intentions in other sectors are only tentative."
HSBC Australia chief economist Paul Bloxham said Mr Stevens' statement showed the RBA planned to keep the cash rate at 2.5 per cent for some time.
"There are no hints here that the RBA is considering cutting interest rates further and we think the RBA's easing phase is done," he said.
One big difference in Mr Stevens' comments on Tuesday from those made after February's board meeting was a re-emergence of frustration about the high Australian dollar.
"The decline in the exchange rate seen to date will assist in achieving balanced growth in the economy, though the exchange rate remains high by historical standards," he said.
The Australian dollar fell almost half a US cent after the RBA's decision to leave the cash rate on hold again, to an intraday low of 89.10 cents.
JP Morgan Australia chief economist Stephen Walters said a resumption of the RBA talking down the Australian dollar might be helpful.
"The February statement a month ago was noticeable for the fact that the board jettisoned previous references to the Australian dollar being uncomfortably high," he said.
"The simultaneous dumping of the easing bias saw the Australian dollar rally four per cent in the days following, something we suspect officials didn't want to see."
Mr Walters said the RBA is in "an unusually complicated policy dilemma".
"Last week's dire capital expenditure data confirmed that the long-awaited transition away from mining investment as the dominant driver of activity remains a work in progress," he said.
Mr Bloxham said he thinks the RBA is confident that record low interest rates and a relatively low Australian dollar will help rebalance the economy.
"The RBA seem to continue to believe that they have already delivered enough stimulus and expect that growth will strengthen over time," he said.
"Our view is that the timely indicators of activity, such as building approvals, retail sales, housing prices and the business surveys are helping to affirm the RBA's view that growth is rebalancing."
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