Australia's central bank sees significant uncertainties around the economic outlook, which was why interest rates were likely to stay at record lows for some time yet.
In minutes of its Aug 5 meeting, where the central bank marked a full year without a rate change, the Reserve Bank of Australia (RBA) also said there was a "notable degree" of spare capacity in the labor market.
"Members noted that there was inevitably a significant degree of uncertainty about the outlook, given the number of forces working in different directions," the minutes said.
As a result, the Board felt it was important to consider the risks to the bank's forecast for an eventual pick up in economic growth.
"The Board judged that monetary policy was appropriately configured and that, on present indications, the most prudent course was likely to be a period of stability in interest rates."
Inter-bank futures imply a mere one-in-three chance of a quarter point cut to the 2.5 percent cash rate by year-end and have 9 basis points worth of easing priced in over a 12-month period.
The RBA reiterated its central view that the slowdown in mining investment would deepen and that fiscal consolidation and a still high local dollar would further restrain growth.