The Reserve Bank has left the official cash rate on hold at 4.35% — the first pause this year after three consecutive hikes — as unemployment hits a four-year high of 4.5% and the economy visibly slows. Governor Michele Bullock was blunt: "If we need to increase again, we will." But the board didn't even discuss hiking this time, and the decision was unanimous. Markets took the hint — bonds rallied, and the ASX edged up to 8,914 points from 8,890.

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