Australia leaves interest rates on hold at 4.5 pc

SYDNEY: Australia's central bank held interest rates steady at 4.50 percent Tuesday citing concerns about growth in Europe and China.

The Reserve Bank of Australia left the official cash rate unchanged for a second successive month, arguing for a cautious approach as financial markets fluctuate and global economies expand at different rates.

"Pending further information about international and local conditions for demand and prices, the board views this setting of monetary policy as appropriate," said Reserve Bank governor Glenn Stevens.