The Reserve Bank of Australia has left the cash rate unchanged 1.5 per cent, citing continuing concerns about weak household consumption.

Following its first meeting of 2018, the RBA board left its official interest rate at the record low level it has now held for 17 months.

The central bank said in a statement accompanying the February decision that while business conditions and investment were improving, household consumption remains “a continuing source of uncertainty”.

The Australian dollar, already losing ground after worse than expected retail and international trade data, fell following the RBA’s decision and was at 78.61 US cents at 2:37 AEDT, from 78.73 US cents ahead of the announcement.