Australia's central bank held interest rates at record lows on Tuesday as sliding commodity prices, a still-high currency and mounting economic uncertainty in China argue for continued stimulus, and even the chance of more cuts.
The Reserve Bank of Australia (RBA) underlined the need for a lower currency after its monthly policy meeting, even though it had only just hit a six-year trough on the U.S. dollar.
"Further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices," said RBA Governor Glenn Stevens.
On the outlook for policy, a typically guarded Stevens repeated that coming data would "inform" the bank's assessment of whether the current level of rates was most effective.
He also declined to go into detail on the implications of economic ructions in Greece and China, saying only that they had not yet had much impact on sovereign borrowing costs.
The decision was well flagged as a Reuters poll of 22 analysts had found all expected rates to remain at 2 percent, though six looked for another easing by Christmas.
Interbank futures imply a 50 percent probability of a move by October, rising to 80 percent in December.
The central bank has already eased twice this year as the unwinding of a once-in-a-century mining boom carves a gaping hole out of business spending and national income.
Lately, data have suggested mining spending is falling even faster than first thought, while industry confidence has been sapped by a sharp retreat in prices for key resource exports, notably iron ore.