The Reserve Bank of Australia (RBA) Assistant Governor Christopher Kent said in a speech on Thursday that the RBA has not ruled out the possibility of intervening in the currency markets.

He also said that the Aussie "remains above most estimates of its fundamental value, particularly given the substantial declines in commodity prices".

Kent noted that Australia's economic growth is below trend, but it will be above trend by 2016.

The RBA assistant governor pointed out that "the near-term weakness reflects a combination of three forces: a sharper decline in mining investment over the coming quarters than seen to date; the effects of the still high level of the exchange rate; and ongoing fiscal consolidation at state and federal levels".

Low interest rate will support the growth of household expenditure, Kent said.