Rates have been steady since August 2013, the longest period of rate stability in almost a decade.
You can read the Reserve Bank's Minutes here.
But in short:
-Growth in China has slowed a little but remains broadly in line with targets (aye...well, for now at least)
-Firmer growth in the Aussie economy around the turn of the year (yes, but it was nearly all exports driven, and commodity prices have been sliding...)
-A "strong expansion" in housing construction is underway (yep, but building approvals do look suspiciously as they they already may have peaked)
-Some improvement in the labour market (indeed, but not that much, and wages growth is soft)
All in all there are some positives in the economy, but as noted earlier, mining and resources investment is set to decline which will be a drag on economic growth.
With inflation not appearing to be a risk, the RBA sees a "period of stability of rates" ahead which is wonderful for mortgaged homeowners, of course (and not so good for pensioners and net savers).
In any case, the RBA meeting came before today's trade data, which revealed a very ugly looking balance on goods and services in May, following a deficit in April.
Only a week or so ago, all were merrily bandying around solid growth forecasts for the second quarter to follow on from a good result in Q1.
Not looking quite so smart now, it has to be said.
Indeed, if tomorrow's retail figures are weak, it may be time to pencil in another rate cut to just 2.25%.
Futures markets are beginning to price in that very possibility.
Not considered 'likely' yet, but July cash rate futures contracts are trading at 97.515 i.e. there's a ~7% chance of a cut as soon as next month (click chart).