The Reserve Bank of Australia has confirmed that the interest rate will remain unchanged at 4.75 per cent where it has been since last November.

RBA Governor Glenn Stevens said the RBA’s “mildly restrictive” position of the monetary policy remains appropriate.

“The natural disasters over the summer have reduced output and the resumption of coal production in flooded mines is taking longer than initially expected,” he said in a statement supporting the release of the results.

“Production levels should, however, recover over the months ahead, and there will be a mild boost to demand from the rebuilding efforts as they get under way. “

The National Retailers Association (NRA) has welcomed the announcement saying that it brings the industry with “much-needed stability”.

NRA executive director Gary Black said it is clear the RBA has recognised many retail categories continue despite the positive February trading figures that were released last week.

“What we need right now is some consistency, and thankfully that’s what’s we’ve received,” he said.

“It appears the RBA has seen what retailers need and we’re very grateful they’ve decided to give us a fair go.

 “This will give retailers the space to grow, and it also gives them the chance to pick themselves up and get on their feet again.”