The Reserve Bank kept the cash rate on hold at 3.0 per cent at its April board meeting. Source: AAP
HOME owners will continue to enjoy the benefits of low interest rates, with the Reserve Bank of Australia opting to keep the cash rate on hold in April.
The RBA held the cash rate at three per cent, equal to its lowest level on record, at its monthly board meeting on Tuesday.
It has kept the rate on hold in 2013 after cutting by 1.25 percentage points between May and December last year.
RBA governor Glenn Stevens said with economic growth expected to be a little below trend over the coming year, it was prudent not to change the cash rate.
However the central bank has room to cut if economic conditions deteriorate.
"The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand," he said in a statement accompanying the decision.
Mr Stevens said the risks to the global economy appeared to have eased in recent months while commodity prices, a key driver of the Australian economy, remained high by historical standards.
AMP Capital chief economist Shane Oliver it appeared the RBA was in "wait and see mode" on interest rates.
The RBA faced the dilemma that while lower interest rates were having some effect on the economy, the Australian dollar remained high and credit growth was weak.
"There's no indication that they're about to move next month," Mr Oliver said.
"To get further the easing, the signs of improvement that we're currently seeing would have to peter out or there'd have to be some sort of global shock and they certainly don't seem in any rush to move."
UBS economist George Tharenou said that although a further interest rate cut was possible, it was looking increasingly likely the RBA would keep the cash rate on hold for the rest of 2013.
Mr Tharenou said a recent improvement in house prices was a sign that last year's interest rate cuts were having the desired effect on the economy.
He said the RBA appeared more confident that the non-mining sectors of the economy would pick up in 2013 as the mining investment boom peaked.
"Our view is that, baring some unforeseen risk event, the RBA is going to remain on hold from here," he said.
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