Australia's central bank left its benchmark interest rate unchanged for the third straight meeting on Tuesday.
The policy board of the Reserve Bank of Australia, led by Governor Philip Lowe, decided to hold the cash rate target at 4.10 percent.
The interest rate paid on Exchange Settlement balances was kept unchanged at 4.00 percent.
The RBA has raised the key rate by 4 percentage points since May last year. The board observed that the higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so.
Today's decision to retain the rate will provide further time to assess the impact of past tightening and the economic outlook.
The bank expects inflation to return to the 2-3 percent target range in late 2025. Lowe said some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe. Nonetheless, future action will continue to depend upon the data and the evolving assessment of risks, the governor added.
