RBA governor Glenn Stevens said in a statement recent information was consistent with global growth running a bit below average this year, with reasonable prospects of a pick-up next year.
Commodity prices had declined from their peaks, but generally remained at high levels by historical standards.
Inflation in most countries remained well contained.
''Volatility in financial markets has increased and has affected a number of emerging market economies in particular. Notwithstanding the higher volatility, Australian institutions have ample access to funding markets.''
In Australia, the economy had been growing a bit below trend over the past year, Mr Stevens said.
That was expected to continue in the near term as the economy adjusted to lower levels of mining investment. The unemployment rate had edged higher.
Australian inflation was consistent with the medium-term target of between 2% and 3%.
In New Zealand, the inflation target was between 1% and 3%. With growth in labour costs moderating, Australian inflation was expected to remain within the target over the next one to two years, even with the effects of the recent depreciation of the exchange rate, he said.
''The easing in monetary policy since late 2011 has supported interest-sensitive spending and asset values, and further effects can be expected over time, including from the declines in rates seen over recent months.''
