The Reserve Bank of Australia has announced on Tuesday that they will retain rates at a record low of 1.5%, explaining that the current economic conditions of Australia are exhibiting signs of being in line with the nation’s target inflation and growth targets.

In a statement by Philip Lowe, Governor of the Australian central bank, the monetary policy decision was attributed to the fact that the bank has observed a global economic growth over the recent months. With signs of better business and consumer confidence, RBA decided to hold its current cash rates at 1.5% for the 8th straight month.