RBA leaves cash rate unchanged at 1.5%

The Reserve Bank of Australia has left the cash rate unchanged at 1.5 per cent, witht the central bank board continuing to worry about weak wages growth.

The RBA board's decision, announced following its April board meeting on Tuesday, means Australia's official interest rate has been at a record low for 20 months.

In a statement accompanying the decision, RBA governor Philip Lowe said the bank expected an improvement in the national economic growth rate during 2018, with employment and business conditions positive.

However, high household debt and weak consumption spending as a result of sluggish wages growth have kept the bank from moving on rates.

The Australian dollar has barely moved following the widely expected decision, and was at US76.88 cents at 1441 AEDT, from US76.89 cents ahead of the announcment.