Reserve Bank of Australia (RBA) governor Glenn Stevens believes that the current cash rates were at their appropriate levels and they only appear tight because most Australians have become wiser in handling their cash flow.

Stevens told a parliamentary committee on Friday that the RBA's overnight rate of 4.75 percent was not too tight at all and the major reason that household savings ratio are soaring is the changing way most consumers manage their funds.

The RBA governor said that Australian households' savings rate jumped by an average of 10 percent during the December quarter and this was largely due to conservative means of financial management shown by many Australians.

He added that "savers are looking at a reasonable return on their saving, where people are inclined to pay off their loans a bit faster," which he stressed could be caused by consistent speculations on rate movements.

However, Stevens pointed out that the RBA is not a party to any form of speculations about its policy rates as he asserted that "we have to be a bit circumspect with what we say."

Also, the RBA governor has noted that consumers have been adapting considerable changes on the way they deal with their funds and such developments, according to Stevens, appear to happen globally.

The RBA, Stevens said, has been witnessing "these attempted changes to attitudes to saving, consumption and debt in a whole lot of countries, even ones where interest rates are much lower than here."

Over the years, the RBA has observed that consumers have been altering their disposition on dealing with their financial activities such as buying goods, acquiring loans and setting aside savings.