Australia's central bank holds rates, patient on policy

AUSTRALIA - SYDNEY. Australia's central bank left its cash rate at a record low of 0.1% on Tuesday, saying inflation was lower than in many other countries and it was prepared to be patient on policy.

Wrapping up its December policy meeting, the Reserve Bank of Australia (RBA) also said the emergence of the Omicron coronavirus variant was a new source of uncertainty, but was not expected to derail the economic recovery.

Most analysts had expected a steady outcome this week after the central bank surprised many last month by dropping a commitment to keeping bond yields super-low.

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