The Aussie dollar hopped up 0.24 percent to $0.7139 in the wake of comments, but faces stiff resistance around $0.7150. The New Zealand dollar was a shade firmer at $0.6752.
Reserve Bank of Australia (RBA) Deputy Governor Guy Debelle reiterated that while the economy seemed to have slowed, the labour market was surprisingly strong and it would take time for that dichotomy to resolve itself.
The patient tone was a disappointment for doves who had thought the RBA was much closer to easing after it tweaked the last sentence of its April policy statement.
Asked on Wednesday whether the change in wording was a step toward easing, Debelle was non-committal.
"One of the things we want to highlight...is we're trying to get a handle on where exactly things are," Debelle said.
"We've just got this tension between jobs and growth and we just really need to see how that resolves over the next little while."
That was enough for the market to slightly lengthen the odds on a cut in the 1.5 percent rate. Futures are now fully priced for a quarter-point easing in October, compared to September before the speech.
"Debelle delivered a balanced message today, highlighting a broad array of risks and uncertainties but not revealing any hints of a move to an easing," said Robert Thompson, macro rates strategist at RBC Capital Markets.
"We expect an easing bias is likely to be introduced by the May meeting and cuts in August and November, but from the RBA's perspective we're not there just yet."
Yields on three-year bonds edged up to 1.41 percent, from 1.376 percent, but remain below the cash rate.
The three-year bond futures contract was still up 1 tick at 98.615, while the 10-year contract added 3 ticks to 98.1250.
Domestic data out on Wednesday showed consumer confidence bounced modestly from one-year lows in April as a give-away budget from the government boosted optimism on the future even as family finances were being squeezed right now.
In a promising development, sentiment toward the beleaguered housing market improved as the time to buy a dwelling index hit a four-year peak and expectations for home prices turned up.