The cash rate has been at 1.5 per cent since the RBA last cut rates by 25 basis points in August last year.

Today's post-meeting statement from the bank's governor, Philip Lowe, offered no hint that there would be a change to rates in the near future.

In particular, Dr Lowe appeared to play down a recent improvement in official employment numbers and solid private sector job ads surveys.

"Indicators of the labour market remain mixed," he observed.

"Employment growth has been stronger over recent months. The various forward-looking indicators point to continued growth in employment over the period ahead.

"Wage growth remains low, however, and this is likely to continue for a while yet. Inflation is expected to increase gradually as the economy strengthens."

St George senior economist Janu Chan said these comments evidence caution about the outlook.

"The RBA does not yet appear convinced that the improvement in the labour market is sufficient to begin thinking about tightening rates," she wrote in a note.

The other concern for the RBA in raising interest rates too fast, is that property investors and those with interest-only loans have already seen banks raise interest rates several times, independent of the RBA.

"Growth in housing debt has outpaced the slow growth in household incomes," the RBA observed warily.

Retrieved from ABC News_By business reporter Michael Janda and Carrington Clarke