Australia’s central bank kept its key interest rate unchanged and maintained a tightening bias as Governor Philip Lowe wrapped up his final meeting at the helm with inflation in retreat.

The Reserve Bank held its cash rate at 4.1% for a third straight meeting on Tuesday in a decision widely anticipated by markets and economists. The consecutive pauses imply a higher hurdle for any further hikes and suggest a surprise shift in economic data will be needed to prompt additional tightening.

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RBA Extends Rate Pause as Lowe Exits With Prices in Retreat