Australia’s central bank kept interest rates on hold for its 21st-straight meeting yesterday as consumer spending and inflation remain weak, while it also cited uncertainty about global trade tensions, reports AFP from Sydney.

The Reserve Bank of Australia slashed the cash rate from November 2011 to August 2016 to a record low of 1.50 percent to boost the economy as it transitioned away from an unprecedented mining investment boom.

It has sat on the sidelines since then, with high household debt and slow wages growth affecting consumer spending even as business conditions and investment improve.

“The low level of interest rates is continuing to support the Australian economy,” RBA governor Philip Lowe said in a statement after its monthly board meeting.

“Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual.”

Inflation has also remained soft, although the central bank sounded an optimistic note about the recent rise in labour force participation and strong growth in employment.

“There is a Groundhog Day feel to RBA meetings at the moment,” Commonwealth Bank of Australia senior economist Gareth Aird said.