Stevens added that while the Australian economy was likely to be operating with a spare degree of capacity for some time,inflationary pressures were contained and low interest rates were supporting borrowing and spending.
" The Australian dollar is adjusting to the significant declines in key commodity prices," he said of the currency, which has fallen solidly over the past year.
The dollar was fell slightly after the decision to 70.16 US cents.
Analysts said the decision to leave rates on hold suggested the prospect of future rate cuts had receded further.
Capital Economics said while the RBA had mentioned the recent turmoil in global market, it had previously stated it did not expect falls in equity prices in China to have a major impact on real activity there.