The RBA has surprised few by keeping the cash rate unchanged for a second consecutive month at 3.5%.
The board announced the August rate today, after many industry figures predicted it would repeat July's wait-and-see stance.
Lower inflation rates were seen by many as a 'buffer', allowing the cash rate to remain on hold for a while longer.
"At today's meeting, the Board judged that, with inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the stance of monetary policy remained appropriate," it said in a statement.
Recent studies have also shown the previous cuts are only just starting to affect the housing market. HIA claims positive growth in loan applications are a direct result of earlier cuts.
RBA: Housing bubble won't pop yet