The Reserve Bank of Australia on Tuesday left the cash rate unchanged at 2.5 per cent, where it has been since last August, but altered its language around house price inflation and the Australian dollar.
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As expected, governor Glenn Stevens ended his accompanying statement by referring to "a period of stability in interest rates".
"In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target," the statement said.
However, the RBA once again singled out property prices for mention, noting "a further pick-up in recent months in lending to investors in housing assets", to reflect its growing concerns about a build-up of risk in the sector.
With its regular references to the property market, and recent talk of using prudential controls on some types of mortgage lending, the RBA of late has been seen as "jawboning" the Sydney and Melbourne markets in an attempt to take some of the heat out of them.
On the Australian dollar, which has declined about 7 per cent since the last RBA board meeting, the central bank took some heart from recent falls, although it remained bearish on the currency.
It said: "The exchange rate has declined recently, in large part reflecting the strengthening US dollar, but remains high by historical standards, particularly given the further declines in commodity prices in recent months.
This compares with "the exchange rate . . . . remains above most estimates of its fundamental value, particularly given the declines in key commodity prices", in the September statement.
