Despite further signs of deterioration in the economy, the Reserve Bank of Australia (RBA) has left the cash rate unchanged that could witness the unemployment rate hit six per cent this week.
The cash rate has been widely tipped by economists and financial markets, being left at a 49-year low of 3.0 per cent following Tuesday's monthly RBA board meeting in Sydney.
In the month of April the central bank reduced rate by 25 basis points, bringing total reductions since September to 425 basis points.