Australia's central bank stared down global headwinds and kept interest rates steady for a tenth month on Tuesday, even as surprisingly soft data suggested the domestic economy hit an air pocket at the end of last year.
While central banks from China to Japan are going for ever more stimulus, the Reserve Bank of Australia (RBA) held rates at 2 percent at its March meeting.
The prospect of a further easing was left on the table, but a virtually unchanged statement showed little inclination to act.
"The Board judged that there were reasonable prospects for continued growth in the economy," RBA Governor Glenn Stevens said in a brief statement.
"Continued low inflation would provide scope for easier policy, should that be appropriate to lend support to demand."
In a Reuters poll of 40 analysts, all but one had expected no change in the cash rate this week which limited the reaction in markets to a slight rise in the local dollar.