Australia's central bank sets steady course for interest rates

The Reserve Bank of Australia (RBA) has again confirmed a steady path for interest rates, a statement released on Tuesday revealed.
The minutes from the RBA's December board meeting two weeks ago showed that the bank remains firmly committed to "a period of stability in interest rates."
The board noted the steep decline in commodity prices, especially iron ore and oil. However, it observed that the fall in oil prices should help boost global growth.
"The fall in oil prices was expected to contribute to lower headline consumer price inflation in many of Australia's trading partners and, other things being equal, lower oil prices were likely to spur higher growth in many economies," the minutes read.
Domestically, the RBA expected mining investment to "decline sharply", but it also saw signs of increasing non-mining business investment, and noted that household consumption growth had likely picked up.
The bank's board also repeated its dissatisfaction with the level of the Australian dollar, despite some recent falls.
"The Australian dollar remained above most estimates of its fundamental value, particularly given the significant declines in key commodity prices over recent months," the minutes read.
Last week, RBA Governor Glenn Stevens said Australian dollar should be valued at 75 U.S. cents, compared to its current level of 82 U.S. cents.