RBA Keeps Key Rate Unchanged As Expected

(RTTNews) - The Reserve Bank of Australia maintained its interest rates at a 12-year high for a fifth straight meeting, on Tuesday.

The policy board of the RBA, led by Governor Michele Bullock, decided to hold the cash rate target at 4.35 percent.

The interest rate paid on Exchange Settlement balances was also kept unchanged at 4.25 percent.

Inflation is easing but has been doing so more slowly than previously expected and it remains high.

"The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out," the bank said.