This was not because we are unaware of the downward risks that are presented by the global economy, nor because we think our economy is somehow immune to international problems.
It was because we clearly have stronger domestic conditions in place already as a result of current policy settings (not to mention higher inflation than most countries), and hence have not had the same sense of urgency in reducing interest rates that several others clearly did. We are, however, very conscious of the risks the Australian economy faces.