Finance Minister Penny Wong has backed the Reserve Bank's assessment that global risks have abated for now.

The central bank left its cash rate unchanged at 3 per cent on Tuesday.

Some economists believe the RBA has finished cutting interest rates against the backdrop of an improving global economy.

RBA governor Glenn Stevens, in announcing the rate decision, said global downside risks appeared to have abated "for the moment at least".

Quizzed on the outlook for interest rates, Senator Wong said that was a matter for the RBA but agreed with the governor's assessment.

"We have seen some of that risk abate, some of that volatility abate, but obviously that still remains the context for what Australia is operating in," she told Sky News on Wednesday.

But the US still had to resolve its fiscal issue, which it had only partly dealt with, while there needed to be a resolution to ongoing issues in Europe, she said.