Australian rates on hold, upbeat on global economyAustralia's central bank has left interest rates on hold at a 49-year low of 3.0 percent in an upbeat assessment of the global economy. The Reserve Bank of Australia The Reserve Bank of Australia came into being on 14 January 1960 to operate as Australia's central bank and banknote issuing authority. The bank offers banking services to the Federal Government, and to licensed banks that participate in the payments system. (RBA RBA Rare Bird Alert RBA Reserve Bank of Australia RBA Run Book Automation RBA Rochester Business Alliance RBA Rights-Based Approach RBA Royal Brunei Airlines (ICAO code) RBA Relative Byte Address RBA relative binding affinity ), which has slashed rates from 7.25 percent since September, kept the cash rate unchanged for the third straight month. "The global economy is stabilising Adj. 1. stabilising - causing to become stable; "the family is one of the great stabilizing elements in society" stabilizing helpful - providing assistance or serving a useful function , after a sharp contraction in demand during the December and March quarters," governor Glenn Stevens Glenn Stevens is an Australian economist and the current Governor of the Reserve Bank of Australia. Stevens was born in Sydney in 1958. He was educated at the University of Sydney where he received a first class honours degree in economics. said in a statement. "Downside risks Downside Risk An estimation of a security's potential to suffer a decline in price if the market conditions turn bad. Notes: You can think of this as an estimate of the amount that you could lose on a stock or other investment. to the outlook have diminished, with conditions in global financial markets improving this year and action to strengthen balance sheets of key financial institutions under way." Stevens added that growth in key market China had "strengthened considerably" and that Australia's slump had not been as deep as originally feared. But he left the door open for further rate cuts, cautioning that credit conditions remained tight and the international outlook was mixed. "The (Reserve Bank) Board's current view is that the outlook for inflation allows some scope for further easing of monetary policy, if needed," he said. 
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