2023.10.0304:19:00UTC+00Australia Central Bank Keeps Rate Unchanged

Australia's central bank kept its key interest rate unchanged for the fourth straight session on Tuesday.

The policy board decided to maintain the cash rate target at 4.10 percent. The decision matched economists' expectations.

The central bank has raised its key rates by 4 percentage points since May last year. "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," Governor Michele Bullock said.

"Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risk," she added.