There were no surprises from the Reserve Bank of Australia’s meeting today, with the board members electing to leave interest rates on hold at a record low of 2 per cent.

The decision was widely expected leading into the meeting today. Although the board did leave the door wide open for further easing in monetary policy in the future, it seems the board’s consensus is that there simply isn’t enough reason to change policy as yet.

That view was confirmed this afternoon with the board once again noting the improved conditions in the non-mining parts of the local economy despite a contraction in mining investment, while the pace of lending to businesses has also picked up.

It said it had judged that there were “reasonable prospects for continued growth in the economy” and it was comfortable with the level of inflation, even though it is likely to remain low over the next couple of years.

However, it did note the substantial declines in commodity prices once again, as well as the heightened volatility in financial markets around the world in recent months with appetite for risk diminishing somewhat. Still, borrowing rates remain accommodative and it has left the door open for further cuts, should they become necessary.

It said: “Continued low inflation would provide scope for easier policy, should that be appropriate to lend support to demand.”

It’s also worth noting that the RBA didn’t seem particularly concerned about the state of the housing market. Supervisory measures are working to emphasise prudent lending standards to limit the threats posed by a housing bubble, while the pace of growth in house prices throughout Sydney and Melbourne has moderated.

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) remained pretty steady following the announcement, indicating that the release didn’t contain anything the market wasn’t expecting.

Foolish takeaway

Although it remains unclear whether or not the RBA will lower interest rates any further this year, it’s almost certain not to hike interest rates either. While that’s not so great for families with their cash stuck in a term deposit or savings account, it’s great for investors in high-yield dividend shares.

If you’re looking for new investment ideas today and want to take advantage of the low interest rate environment, it could be worth looking at companies such as Telstra Corporation Ltd (ASX: TLS) and Retail Food Group Limited (ASX: RFG), which offer fully franked dividend yields of 6.2% and 5.4%, respectively.

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Motley Fool contributor Ryan Newman owns shares of Retail Food Group Limited. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia owns shares of Retail Food Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.