The RBA kept interest rates on hold at 4.35 per cent in its fourth-straight board meeting on Tuesday.

They also indicated rates will need to stay higher for longer to bring down inflation.

“We’ve always felt that it was a bit too soon to declare victory,” RBA Governor Michele Bullock said.

“I think the numbers in recent weeks have demonstrated that for us.”

Since the previous board meeting, inflation in the March quarter printed higher than expected at 3.6 per cent.

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