Cash rate on hold for February

The RBA's decision is in line with wide spread sentiment shared by market commentators.

According to Commonwealth Bank chief economist Michael Blythe, the economy currently does not need "additional stimulus", and that the low Australian Dollar is doing the job.

For AMP Capital Shane Oliver, the RBA is not ready to make another change to the interest rate.

"I think that given the emerging softening in the housing cycle, the ongoing mining downturn and renewed global market turmoil that the risks to growth are on the downside and given very low inflation the RBA should ease again," he said.

"But I don't think its convinced just yet."