Australia’s borrowers have been given another reprieve, with the Reserve Bank leaving its key interest rate on hold for a fifth consecutive board meeting but retaining the option of a further rate hike if needed. As expected by economists, the RBA held its cash rate unchanged at its 12-year high of 4.35% at the conclusion of a two-day meeting that wrapped up on Tuesday afternoon. The bank’s communique, though, warned that “inflation remains above target and is proving persistent”.