Reserve Bank Governor Philip Lowe has delivered an upbeat assessment of the economy, while maintaining a steady hand on the official cash rate.

Dr Lowe says the rise in commodity prices means a further rate cut was not justified. Instead, 1.5% appears the central bank’s preferred floor for the cash rate, with signs that the world’s biggest economies look increasingly likely to grow faster than the long-term trend this year.

Analysts have said that raises the prospect of an enduring tailwind for Australia’s resource-driven economy.

Dr Lowe says the global uptick has lifted commodity prices, which are “providing a boost to national income”.

“The bank’s central scenario remains for economic growth to be around 3% over the next couple of years,” he says.