03.09.201900:39:00UTC+00Australia Keeps Rates Unchanged

Australia's central bank left its key interest rate unchanged at a record low on Tuesday.

The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at a record low 1.00 percent, as widely expected.

The bank had earlier reduced its rate in July. The back-to-back rate cut in July was the first since mid-2012.

The bank said it is reasonable to expect that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieve more assured progress towards the inflation target.

"The Board will continue to monitor developments, including in the labor market, and ease monetary policy further if needed to support sustainable growth in the economy and the achievement of the inflation target over time," the bank said.