The Reserve Bank of Australia (RBA) has left interest rates on hold at 3.6 per cent, as widely expected.
It comes after recent data showed headline inflation picked up in October to 3.8 per cent, from 3.6 per cent in September.
In a statement on Tuesday, the RBA board said it was willing to be patient.
“The recent data suggest the risks to inflation have tilted to the upside, but it will take a little longer to assess the persistence of inflationary pressures,” it said.
“The board’s judgement is that some of the recent increase in underlying inflation was due to temporary factors and there is uncertainty about how much signal to take from the monthly CPI data given it is a new data series.”
The decision to keep interest rates steady was the RBA board’s final interest rate decision for 2025.
Its next meeting will not take place until February 2-3, so interest rates will remain at 3.6 per cent for the next two months at least.
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