The Reserve Bank's decision to keep official cash rates unchanged at 4.5 per cent at its June board meeting, has been tagged as a "welcome relief", reported The Daily Telegraph.

The decision to not change the rates emerged following six interest rate jumps in a row since last October.

"This news will be welcome relief to Australian families and businesses around the country, who are of course doing it tough," Mr. Swan told Parliament minutes after the decision was announce

Many economists accurately augured that rates to remain steady, and the cash rate is expected to climb to between 4.75 and 5.25 per cent by the year end.

RBA Governor Glenn Stevens posted that currently interest rates are at their average levels and economic output is hope to register a rise in the coming year, however, that the central bank was keeping a good track of Europe's market.

Mr. Stevens claimed that since last month's decision to increase the rates, concerns regarding the debt of several European countries have jittered investors, nudging global share markets and the dollar at a lower level.

He added that the huge bailout package for Europe had placated the markets; however, the impacts of these various factors on the world economy require a close watch.