At its meeting today, the Board decided to leave the cash rate unchanged at 2.0 per cent, since the board do not meet in January this means that interest rates will be held at 2% until at least February.

The global economy is expanding at a moderate pace, with some softening in conditions in the Asian region, continuing US growth and a recovery in Europe.

Key commodity prices are much lower than a year ago, reflecting increased supply, including from Australia, as well as weaker demand. Australia's terms of trade are falling.

Read the official media release here: