At its September policy meeting, the RBA maintained the benchmark interest rate at 4.35% for the seventh straight meeting. Recent data has not materially affected policy outlook. Rates to remain on hold for time being. Progress on underlying inflation likely remained slow in Q3.

The RBA has left interest rates on hold. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

Despite overwhelming evidence of high interest rates hurting retailers and sectors including transport and construction, as well as consumers, the Reserve Bank of Australia has chosen to keep interest rate unchanged at 4.

The Fed announced a 50 bps rate reduction at its September meeting last week, bringing the fed funds rate to the range of 4.75%-5.0%. In contrast, markets expect the RBA to go for the first 25 bps rate cut to 4.10% only by February 2025, according to the ASX RBA Rate Tracker.