The RBA has left the official cash rate on hold at 1.50 per cent at its February 2018 meeting.

“The low level of interest rates is continuing to support the Australian economy,” governor Philip Lowe said in a statement.

However, the RBA noted that the outlook for household consumption was a “continuing source of uncertainty”, with household incomes growing slowly and high debt levels.

The RBA thinks that Australian inflationary pressures are likely to build, but unless that occurs faster than what it currently expects, there’s little need to deliver a preemptive increase in rates.

A survey of 25 of Australia’s leading economists this week predicted interest rates would go up by the end of this year, with the average bet seeing the official cash rate at 1.7 per cent by December.

Rate rises look like they’re coming, just not for some time yet.