The Reserve Bank of Australia (RBA) has announced it has left the nation’s official cash rate unchanged at 2.75 per cent, following the board’s meeting earlier this week.

The RBA’s Governor, Glenn Stevens, said that continued below-trend global growth had left the bank little room to manoeuvre in its decision.

“Information becoming available since the previous meeting is consistent with global growth running a bit below average this year, with reasonable prospects of a pick-up next year,” Mr Stevens said in his statement.

Domestically, Mr Stevens said that historically high commodity prices and a moderated inflation rate had also informed the bank’s decision. Below trend domestic growth had also informed the decision.

“In Australia, growth over the past year has been a bit below trend. The outlook published by the Bank last month is for a similar performance in the near term and recent data are consistent with this,” Mr Stevens said.