For the fourth consecutive month the RBA has left the headline cash rate at 3%.
The RBA has not closed the door on further rate cuts, according to the minutes of its Monetary Policy Meeting held on the 2 June, and released today
The fall-out from the federal budget and the RBA's decision to leave rates on hold has seen consumer confidence fall in May.
Pointing once again to the strength of the local banking sector, the governor of the RBA, Glenn Stevens, said Australia was "well placed" for a recovery from the current turmoil.
The big banks have used the last RBA rate cut to reclaim lost margin explained NAB's regional general manager Matt Lawler at the NAB Broker roundtable
The total value of housing finance commitments fell by 3% in the month of April, according to figures released yesterday.