The economists, experts and bookies were right, with the board of the Reserve Bank of Australia leaving the official cash rate unchanged at yesterday’s meeting.

In announcing the decision, RBA Governor Glenn Stevens said current employment and inflation figures called for accommodating fiscal policy and that the RBA is continuing to monitor property prices, especially in Sydney.

“Low interest rates are acting to support borrowing and spending. Credit is recording moderate growth overall, with stronger borrowing by businesses and growth in lending to the housing market broadly steady over recent months,” Stevens said.

“Dwelling prices continue to rise strongly in Sydney, though trends have been more varied in a number of other cities. The Bank is working with other regulators to assess and contain risks that may arise from the housing market. In other asset markets, prices for equities and commercial property have been supported by lower long-term interest rates,” he said.

“The Australian dollar has declined noticeably against a rising US dollar over the past year, though less so against a basket of currencies. Further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices.”

Stevens didn’t rule out changes later in the year.

"The board today judged that leaving the cash rate unchanged was appropriate at this meeting,” he said.

"Information on economic and financial conditions to be received over the period ahead will inform the board's assessment of the outlook and hence whether the current stance of policy will most effectively foster sustainable growth and inflation consistent with the target."