In start contrast with its peers, the Australian central bank recently kept interest rates steady at 3.25%, confounding those who had hoped for a cut. The bank said stimulus moves already in the pipeline were helping Australia avoid the depths of recession seen elsewhere.

The RBA, as the central bank is commonly known, has already cut its main cash rate by 4% since September.

Glenn Stevens, RBA’s governor, said: “Together with the substantial fiscal initiatives, the cumulative decline in interest rates will provide significant support to domestic demand over the period ahead. On this basis, notwithstanding evident economic weakness at present, the board judged that the stance of monetary policy was appropriate for the moment.”

Stevens did leave the door open for more action if needed, saying the RBA would reconsider rates at its April meeting. But that statement failed to satisfy investors who had bet rates would be at 2.75% at this rate hearing and nearing 2.25% by April.

The RBA’s pause goes against the trend of the world’s major central banks, with the majority of central banks including Canada, England and the European Central Bank (ECB) all lowering rates.

But the RBA pointed to the relatively resilient performance of the Australian economy, helped by historically low mortgage rates and a sound banking system. Recently published Government data showed that exports held up well in the previous quarter, even as many of Australia’s major trade partners sank into recession and imports plummeted.