The Reserve Bank of Australia (RBA) met market expectations to keep interest rates unchanged at 3.60% at its April policy meeting.
Here are some key takeaways from the meeting.
The RBA expects some further tightening in monetary policy may be necessary.
Policymakers admit policy is operating with a lag and the full impact of interest rate hikes is yet to be felt.
Policymakers remain committed to returning inflation to target.
The move to keep interest rates on hold this month is to provide additional time in assessing the impact of rate hikes and the economic outlook.
Chances of avoiding a recession are slim.
Australia's banking system is strong, well capitalized and highly liquid.
Wage growth continued to pick up in response to a tight labor market and higher inflation.
The RBA remains wary of wage-spiral risks.
Inflation has peaked in Australia, where commodity price inflation is expected to moderate in the coming months.
Australia's economic growth has slowed.
Following on from the above statement, it can be seen that the RBA decided to leave interest rates unchanged to examine the further impact of its previous aggressive hikes.
Early reaction to the Aussie dollar saw the currency trade slightly lower at around 0.6760 against the greenback.
