Australia's central bank tapers QE but affirms low rates outlook

SYDNEY: Australia's central bank on Tuesday took its first step towards tempering its massive stimulus as employment proves far stronger than previously expected, although actual rate hikes remain a distant prospect.

The Reserve Bank of Australia (RBA) held the cash rate at a record low 0.1% in a widely expected move and reiterated the need for the setting to remain unchanged until 2024 to help spark wage and inflation pressures.