Australia’s central bank on Tuesday reiterated that interest rate cuts were unlikely in the near term as it held policy steady, but softened its hawkish stance by saying monetary tightening was not discussed.

The Reserve Bank of Australia kept interest rates steady, deepening a split with global counterparts including the Federal Reserve that are loosening policy as they grow increasingly confident that inflation is under control.

Australia's central bank on Tuesday held interest rates steady as expected and reiterated that policy needed to stay tight, sticking to its guns a week after the Federal Reserve started its easing campaign with a bang.

SYDNEY (Reuters) - Australia's top central banker reiterated on Thursday that it was premature to contemplate near-term rate cuts as inflation remained too high, sticking to a hawkish stance even as data showed the economy was struggling to motor on.

Australia's central bank has today held interest rates steady as expected and reiterated that policy needed to stay tight to bring inflation to heel, sticking to its guns a week after the Federal Reserve started its easing campaign with a bang.

Long-delayed reforms to the Reserve Bank of Australia (RBA) faced a fresh setback on Monday as Greens lawmakers demanded the Labor government engineer a cut in interest rates in exchange for their support for the legislation.

Australian Treasurer Jim Chalmers’ plans to overhaul the Reserve Bank have suffered a major setback after the left-wing Greens party demanded the government order the central bank to cut interest rates.

The Greens have promised to back the Labor Party in their RBA reforms if the Reserve Bank cuts rates immediately.