05.12.202303:26:00UTC+00Australia Central Bank Keeps Rate Unchanged

The Reserve Bank of Australia left its benchmark rate unchanged on Tuesday after a quarter point hike in November.

The policy board of the RBA, governed by Michele Bullock, decided to maintain the cash rate target at 4.35 percent.

The board also retained the interest rate paid on Exchange Settlement balances at 4.25 percent.

"Holding the cash rate steady at this meeting will allow time to assess the impact of the increases in interest rates on demand, inflation and the labour market," the bank said.

At the November meeting, the bank lifted the rate by 25 basis points to a 12-year high, ending a four-session long pause.

The bank said the case for further tightening of monetary policy to bring inflation back to the target in a reasonable timeframe will depend upon the data and the evolving assessment of risks.