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Australia's central bank maintained its benchmark interest rate unchanged, on Tuesday, as widely expected.

The board of the Reserve Bank of Australia, governed by Philip Lowe, voted to maintain the cash rate at 1.50 percent. The interest rate has been at the current level since August 2016.

"Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," the bank said in a statement.

The bank reiterated that the low level of interest rates is continuing to support the Australian economy.