The Reserve Bank of Australia paused interest rate hikes amid a weakening economy.

Odaily Planet Daily reports that the Reserve Bank of Australia (RBA) has kept its key interest rate unchanged for the first time this year, given that the previous three interest rate hikes have begun to put pressure on the Australian economy. On Tuesday, all nine members of the committee unanimously voted to keep the cash rate at 4.35%, in line with expectations. RBA Governor Bullock will hold a press conference later, and investors will be watching to see if policymakers will enter a prolonged pause or continue their tightening stance. In a statement, the RBA said, "The cash rate target has been raised three times since the beginning of the year, and current financial conditions are tighter than before, with signs of an economic slowdown emerging as expected." This pause in rate hikes marks a softening of the RBA's aggressive tightening policy, which had previously made it stand out among major central banks. Although policymakers continue to warn that inflation remains too high and that high energy costs related to the war with Iran pose upside risks, recent weaker data has provided the central bank with room to hold its position and assess the situation. (Jinshi)