Australia's central bank on Tuesday left its cash rate steady at 3.85%, a shock for markets that had confidently wagered on a cut, saying the majority of the board wanted to wait for more information to confirm inflation was slowing.

The Reserve Bank of Australia decision dashed the expectations of millions of working-class households of early relief from crushing home mortgage repayments.

The official cash rate remained at 3.85%, despite financial markets pricing in a near-certain cut to 3.60%. The nine-member board voted six in favor the decision, with three against.