Rates kept on hold in surprise Reserve Bank decision

Yet the enduringly strong jobs market and home prices trending higher suggest the economy is still in decent shape, proving enough to keep the central bank cautiously on the sidelines for a bit longer. 

The RBA board said maintaining price stability and full employment was the priority. 

"The board judged that it could wait for a little more information to confirm that inflation remains on track to reach 2.5 per cent on a sustainable basis," the post-meeting statement read.

"It noted that monetary policy is well placed to respond decisively to international developments if they were to have material implications for activity and inflation in Australia."