At its meeting yesterday, the Reserve Bank Board decided to leave the cash rate unchanged at 4.75%.

The situation in global financial markets continues to be unsettled, with uncertainty increasing about the prospects for a solution to the sovereign debt and financial problems in Europe and the outlook for global economic growth.
  

The RBA release stated that it will take more time for evidence of the effects of the recent European and US financial turbulence on economic activity in other regions to emerge.

Indications are that most economic activity is continuing to expand in China and most of Asia, however forecasters have reduced their estimates for global GDP growth.  

Extract from the RBA: media release 04/10/2011.