The Reserve Bank of Australia (RBA) revealed on Tuesday it decided against changing its monetary policy setting in November, in a widely expected move.
The central bank's targets for the cash rate and the interest rate on Exchange Settlement balances will remain at 4.35% and 4.25%, respectively.
"While headline inflation has declined substantially and will remain lower for a time, underlying inflation is more indicative of inflation momentum, and it remains too high," the RBA said, adding that policy "will need to be sufficiently restrictive until the Board is confident that inflation is moving sustainably towards the target range."
