Australia’s central bank on Tuesday reiterated that interest rate cuts were unlikely in the near term as it held policy steady, but softened its hawkish stance by saying monetary tightening was not discussed.

The Reserve Bank of Australia kept interest rates steady, deepening a split with global counterparts including the Federal Reserve that are loosening policy as they grow increasingly confident that inflation is under control.

The Reserve Bank of Australia held the cash rate steady at 4.35 per cent at its September meeting and kept all options open in its fight against inflation.