Sovereign concerns set back RBA rate hike

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The increased uncertainty in global financial markets sparked by the sovereign debt crisis in Europe and the US forced the Reserve Bank of Australia (RBA) to keep interest rates on hold, minutes published on Tuesday show.

Minutes from the RBA's monetary policy meeting on August 2 show that despite higher-than-expected inflation, members of the central bank's policy board decided against a further policy tightening and instead voted to keep interest rates at 4.75%.

CPI inflation rose by 0.9% in t

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