The Reserve Bank of Australia kept its key rate unchanged earlier this month after signs that elevated inflation was easing and the labor market was softening. According to Sina Finance, minutes from the bank's August 10-11 meeting showed the board held lengthy discussions on whether to raise or keep the cash rate unchanged, and decided to wait for more information before acting.

The minutes said the board would remain vigilant and take action whenever necessary. Members agreed that the current cash rate appeared to be working and that there was still time to assess upcoming data to judge whether the risks to the inflation forecast were materializing.

Two weeks ago, the Reserve Bank of Australia left rates at 4.35%, its second straight pause after three rate hikes from February to May. Most economists expect the central bank to keep rates unchanged for the rest of this year, while money markets see about a 60% chance of another hike by year-end. Traders broadly expect the bank to hold the key rate steady at its September 28-29 policy meeting.