SYDNEY, Feb. 7 (Xinhua) -- The Reserve Bank of Australia kept its interest rates at 1.5 percent on Tuesday, stating that a pickup in consumption and increases in mining exports should shore up growth after a slow September quarter.
Philip Lowe, governor of the RBA, said the economy was in a period of "transition" following the mining boom, and expected "reasonable growth" to return for the December quarter.
"The Bank's central scenario remains for economic growth to be around 3 percent over the next couple of years," Lowe said in a statement.
"Growth will be boosted by further increases in resource exports and by the period of declining mining investment coming to an end."
The steady hand of the RBA in holding their rates was noted by Craig James, chief economist at CommSec, who said the RBA was sending a message.
"Its a generally positive statement - its very clear that the Reserve Bank won't be cutting the rates any time soon," James told Xinhua.
"What it's confirming in our view is that the Reserve Bank is going to sit on the interest rate sidelines."
Paul Bloxham, chief economist at HSBC agrees, believed the RBA might be holding off changing the rates this year, with changes on the forefront in 2018.
"It seems no appetite from the RBA that they might have to cut interest rates further," Bloxham said.
"We actually think the next move is more likely to be up in 2018."
But Paul Dales, chief economist at Capital Economics disagrees, said there might be changes on the horizon, as soon as later this year.
"While the RBA today left rates at 1.5 percent, I suspect they may yet be forced to reduce them to 1 percent later this year," Dales told Xinhua.
"As the growth will likely disappoint and inflation will stay lower than expected."
The board of the RBA will meet again on March 7.
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