Australia's central bank opens door to earlier rate rise, pledges patience

SYDNEY: Australia's central bank on Tuesday took a major step toward unwinding extraordinary pandemic stimulus policies by abandoning an ultra-low target for bond yields and opening the door for an earlier hike in cash rates.

Wrapping up its November policy meeting, the Reserve Bank of Australia (RBA) kept the cash rate at a record low of 0.1% but dropped its 0.1% target for the April 2024 government bond.