RBA governor Glenn Stevens pointed to the fact that most of the major banks had already lifted their interest rates as a motivation behind the move.

“Lenders have generally raised rates a little more than the cash rate over recent months and most loan rates have risen by close to a percentage point,” Stevens said.

“Since information about the early impact of those changes is still limited, the board judged it appropriate to hold a steady setting of monetary policy for the time being,” added Stevens.

Hagop Tchamkertanian, Printing Industries’ national manager for policy and government affairs, described it as a “good decision”.

“It’s a ‘wait and see’ approach, and we think that’s a sensible approach,” he told ProPrint.

“While it’s true that the worst is over, there’s still some degree of uncertainty in the market.”

Tchamkertanian said the news was particularly welcome for the printing industry, which traditionally experiences a “slower” March quarter.

Australian Industry Group chief executive Heather Ridout (pictured) described the RBA’s decision as “prudent and sensible”.

“The Bank’s decision will be particularly welcomed by sectors including manufacturing, which are feeling the double whammy of recent rate rises and the high dollar in the context of patchy and fragile economic conditions and challenging credit conditions,” she said.

The RBA has forecast further rate rises down the track, which Tchamkertanian described as inevitable.

“Given that interest rates are still at historic lows, they will probably start creeping up throughout the remainder of the calendar year,” he said.

In December, Tchamkertanian urged the RBA not to lift rates any further, saying such a move “could negatively impact on consumer sentiment and spending”.

Do you agree with the RBA’s decision not to lift interest rates? Leave your comment below.

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