Paul Bloxham: HSBC chief economist on the Australian Reserve Bank keeping the OCR in place - Heather du Plessis-Allan Drive

Australia's Reserve Bank has taken on a grim tone with today's OCR update - and warned rate cuts aren't on the horizon.

The Bank considered hiking rates today, but moved to keep them in place at 4.35 percent.

HSBC chief economist Paul Bloxham says inflation is still running too far above expectations.

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