All 23 analysts in a Reuters poll expected no change in policy this week, though many still favored a further easing in coming months.
Financial markets imply around a two-in-three chance of a cut to 2.25 percent by Christmas, and there is scant hint of a tightening priced in for at least the next year.
The RBA's Stevens also reiterated his wish to see a lower local currency. The Australian dollar has dropped 15 percent since April, bringing a much-needed boost to export earnings while lessening competitive pressure on manufacturing.
(Read more: Is the Aussie dollar finally finding a floor?)
Since many of Australia's resource exports are priced in U.S. dollars, a lower currency delivers a big windfall to miners' earnings and profits.
The lucrative impact was evident in the RBA's measure of commodity prices, which jumped to a 15-month high in August when measured in Australian dollars.
Stevens, then, was unlikely to have been pleased by the market's reaction, which was to push the local currency up about half of U.S. cent to $0.9040.
The case for a continued easing bias by the RBA should be underlined by figures on gross domestic product (GDP) due on Wednesday.
Analysts expect only another modest increase of 0.6 percent in the second quarter, while annual growth of 2.5 percent would again be short of the 3.25-3.5 percent they consider normal.
Ever since the global financial crisis, consumers have become more careful with their money choosing to save more and borrow less, a painful sea change for housing and retailing.
There are signs low mortgage rates are working to revive the housing market. Approvals to build new homes surged 10.8 percent in July, more than making up for two months of weakness. Home prices were up over 5 percent in the year to August, which should underpin household wealth and sentiment.
(Read more: Bottom line on Aussie earnings: Not too bad)
All of which is important as home construction has large multiplier effects on the economy, from all the building trades to the materials, furnishings, electronics and such.
Retailers, however, have yet to feel the benefit. Retail sales disappointed for the fifth month running in July, edging up a bare 0.1 percent, data showed on Tuesday.
"The election, warm winter weather and absence of price growth are the three fundamental restraints on the value of retail spending," said Savanth Sebastian, an economist at CommSec.
(Read more: Australia interest rates to go lower, for longer)
"The low interest rate environment is ensuring household budgets are looking a lot more attractive; however the decision by consumers to hold off on spending would be concerning the Reserve Bank."