For the third month in a row, the Reserve Bank of Australia has today decided to leave the official cash rate at 3.0%.

In a statement, Governor Glenn Stevens said that the RBA would "continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target over time".

Sorry, what?! Break down the Bankworld jargon for me, please!

Essentially, all Glenn's fancy words and financial lingo boil down to the fact that things are looking pretty good for the Australian economy.

Locally, the past couple of months have seen steady growth in exports to our biggest trading partner, China, teamed with inflation coming in close to target. Furthermore, the heap of rate cuts we saw last year have started to produce some good results - figures recently in show that housing prices have gone up in tandem with a hike in the number of building projects commissioned.

Looking further afield, it appears that the US have narrowly avoided the dreaded fiscal cliff, and that ruckus in the European Union has settled down considerably, lessening the strain on the world economy. And although China's economy is slowing, growth is still being recorded, albeit at a decreased rate.

With these largely positive signs appearing across the board, it's no wonder the RBA are sitting back and doing not much at all this month. It seems Stevens and Co. are just keeping a close eye on the long-term effects of the 2012 cuts, at least for now.

What effect will this have on borrowers?

No cut from the Reserve Bank means that it is fairly unlikely that we will see any cuts on variable rate home loans this month.

This, of course, does not mean that borrowers can't have a look around and see what else is on the market. Consider using our Home Loan Negotiators - allow our expert hagglers to do the legwork and get the best possible deal for you and your money.

Now is a fantastic time to sign up to a fixed rate loan, with fixed rates at their lowest in 20 years. Our top picks for a three-year fixed rate include:

• 4.99% from ME Bank
• 4.99% from Teachers Mutual Bank
• 5.09% (LVR<75%) from My Mortgage Freedom

And savers?

There are a few banks out there who are in fierce competition for your money - don't be afraid to scout out a better deal for your savings.

Consider popping your dough into a high-interest savings account. Top options this month include:

• ME Bank Online Saver Account
• ING Direct Savings Maximiser
• UBank Usaver

Term deposits are also looking good this month - you can lock your money away for one year with market-leading UBank or ING and reap some great rewards.