RBA Holds Rates Steady, Warns of Further Hikes Ahead

The Reserve Bank of Australia (RBA) has kept its cash rate steady at 4.35% in line with expectations, but warned that it may need to raise rates again to combat inflation.

The decision was made during the RBA's August policy meeting, and comes as the bank acknowledges that the economy is slowing due to tighter financial conditions.

The RBA had already raised interest rates by 75 basis points since February in an effort to contain stubborn inflationary pressures driven by surging energy costs.