Reserve Bank of Australia leaves cash rate unchanged amid hotly contested federal election campaign

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The Reserve Bank of Australia has left rates on hold at 4.1% in a widely anticipated decision that keeps the independent central bank on the sidelines amid a hotly contested election campaign.

In an accompanying statement that is likely to firm bets for a cut at the next meeting in May, the monetary policy board showed building confidence that inflation is returning to target – even if members remained “cautious about the outlook”.