Australia's central bank, the Reserve Bank of Australia has indicated that it might consider cutting the benchmark interest rate as the economy remains stable relatively.

The interest rate is already at the record low level but the RBA said that it believes that Australian dollar remains high against the lobal currencies even after its largest monthly fall since 2011. Glenn Stevens, the  Governor  and his board has kept the bank's overnight cash-rate target at 2.75 per cent, the Reserve Bank of Australia said in a statement today.

Stevens also said that that country's inflation is being assessed and this might offer further scope  for reducing the key rates. Several economists expect the central bank to consider reducing the rates further. The central bank decided in its first meeting this year that was held on Tuesday to hold the interest rates to keep the monetary situation at ease in the Australian economy.

The RBA had previously reduced its cash rate by a quarter of a percentage point in December and the rates have remained at levels that were recorded during the global financial crisis around 2008.

According to estimates, about 2 percentage points rate cut during the previous 20months has helped boost the property market, while a 7.7 present decline in the Australian dollar helped in improving manufacturing sentiments in the country.