RBA keeps interest rates on hold

Reserve Bank boss Glenn Stevens
Reserve Bank boss Glenn Stevens

The Reserve Bank has left interest rates on hold with the record low level to continue as the economy transitions away from mining investment.

As widely expected, the central bank held the official cash rate steady at 2.5 per cent.

Prior to the announcement, analysts rated the chances of any movement by the RBA as very small.

Credit Suisse interest rate futures had priced in a 4 per cent chance of a rate cut on Tuesday.