Reserve Bank of Australia (RBA) revealed on Tuesday it decided against changing its monetary policy setting in August defying expectations that the bank would hike its rates at their latest meeting.
The central bank's targets for the cash rate and the interest rate on Exchange Settlement balances will remain at 4.10% and 4.10%, respectively.
"Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon the data and the evolving assessment of risks," RBA Governor Philip Lowe said.