Australia's central bank, the Reserve Bank of Australia (RBA) has indicated that it might consider cutting the cash rate in order to help boost the economic growth in the country.

The central bank said that it would keep the cash rate at its record low level and might even consider lowering it further to help the underperforming sectors of the Australian economy during the coming few months.  The details from the meeting held on 5 March, 2013 showed that the authority is ready to consider a further cut in rates in the coming months.  The cash rates directly impacts several aspects of the economy including the housing market as banks determine mortgage on the basis of cash rates.

"At this meeting, the board's assessment was that, while further reductions may be required, on the information currently to hand it was appropriate to hold rates steady, and to assess further developments over the period ahead," RBA said in the minutes of the meeting.

Experts say that the central bank appears ready to further reduce the cash rates to help the economy and revive the growth in the country.  The development would bring much relief to the homeowners and the mortgage payments are likely to remain at the same level and even fall in the coming months if the rates are reduced.