SYDNEY - Australia's central bank left interest rates on hold at a 49-year low of 3.0 percent for the third straight month on Tuesday, but left the door open for further cuts.

The Reserve Bank of Australia (RBA) made an upbeat assessment of the global economy but warned that credit conditions remained tight and the international outlook uncertain.

Rates in Australia have been slashed from 7.25 percent since last September as the bank attempts to stimulate demand during the worldwide economic downturn.