The Reserve Bank is refusing to be panicked by the outbreak of virus Covid-19 and it's possible impact on the economy.
It held the official cash rate unchanged at a record low 1 percent, judging that the virus will deliver a short, sharp economic shock, which should be largely over by the end of next month.
It's picking the virus will nearly halve growth in the first quarter - the equivalent of several hundred million dollars.
But deputy-governor Geoff Bascand told business editor Gyles Beckford that's not sufficient to justify a rate cut to inoculate the economy from the impact.
