The Reserve Bank of Australia has left interest rates on hold as the nation's economy deteriorates and questions linger over a potential peace deal in the Middle East.
Following three consecutive rate rises, the central bank's monetary policy board voted unanimously to leave the cash rate steady at 4.35 per cent on Tuesday.
The decision was anticipated by the majority of economists and financial markets.
But the question now is whether it heralds the end of the bank's hiking cycle or is merely a pause before the next move upwards.
While inflation remained too high, financial conditions were more restrictive than at the start of the year and the economy was slowing, the board said in its accompanying statement.
Therefore, it was appropriate for the bank to pause and assess how the previous interest rate rises and the oil supply disruption will impact the economy.
