The Reserve Bank has left interest rates on hold for the seventh time.
The cash rate will remain at 4.35 per cent for six weeks, until the RBA board's next meeting in early November.
The decision to keep rates steady was expected by traders and economists, but it was made in the face of growing calls from parts of the community for a rate cut.
It followed the decision by the US Federal Reserve to cut rates by a hefty 0.5 percentage points, with more cuts flagged for the world's biggest economy. That decision saw the US joining the European Union, the United Kingdom, Canada, New Zealand, Denmark, Switzerland, China, and many other countries in cutting rates in recent months.
The People's Bank of China also announced another round of rate cuts and stimulus measures for China.
But the RBA board said inflation was still too high for interest rates to be cut. RBA Governor Michele Bullock did acknowledge people are being forced to make difficult decisions because of higher interest rates and high inflation.
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