Abu dhabi: Australia's central bank held its cash rate steady at 4.35 percent as expected on Tuesday, saying the economy was slowing in the face of tighter financial conditions, while warning that it might have to hike rates again if needed.

According to Emirates News Agency, the Reserve Bank of Australia concluded its August policy meeting by affirming its commitment to bringing inflation back to its target band of 2 percent to 3 percent. The board emphasized its readiness to increase the cash rate target further if upside risks materialize.