SYDNEY, April 2 (Xinhua) -- Australia's central bank decided on Tuesday to keep official interest rates on hold at 1.5 percent for the 32nd consecutive month.

The Reserve Bank of Australia's Governor Philip Lowe cited higher levels of public infrastructure spending and an upswing in private investment as offsetting the impact of drought and declining property prices on the economy.

"The low level of interest rates is continuing to support the Australian economy," Lowe said.

"Growth in household consumption is being affected by the protracted period of weakness in real household disposable income and the adjustment in housing markets. The drought in parts of the country has also affected farm output."

"Offsetting these factors, higher levels of spending on public infrastructure and an upswing in private investment are supporting the growth outlook, as is the steady growth in employment," he said.

While Tuesday's outcome was expected by most, many analysts are still predicting an interest rate cut before the end of the year.