It might be a reprieve for borrowers this month, but the RBA says it's taking the coming month to assess the impact of current rate rises on the economy.

Here's some of the RBA governor Philip Lowe's thinking in his statement:

"Interest rates have been increased by 4 percentage points since May last year.

"The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so.

"In light of this and the uncertainty surrounding the economic outlook, the Board decided to hold interest rates steady this month.

"This will provide some time to assess the impact of the increase in interest rates to date and the economic outlook."

While borrowers have been given a break, it may only be temporary. 

The latest headline inflation rate was running at 5.6% as of May, well outside the RBA’s inflation target range of between 2% and 3%.

More soon: