India, July 8 -- The Reserve Bank of Australia adopted a wait-and-see approach on Tuesday, defying expectations for a quarter-point rate cut but confirmed that an easing cycle is coming.
The policy board, governed by Michele Bullock, decided to hold the cash rate target at 3.85 percent.
A majority of six members voted to hold the rate, while three members sought a change from 3.85 percent.
The current rate was the lowest in two years. Previously, the bank had reduced the rate by 25 basis points each in May and February.
Bullock said there is no shift in the direction of policy but rather a delay in timing.
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"With the cash rate 50 basis points lower tha...