Australia shares off highs on RBA hold verdict

MELBOURNE: Australian shares pared the session's gains to be up just 0.1 percent on Tuesday after the central bank decided to leave interest rates on hold, dashing lingering market hopes for a jolt of stimulus to the economy.

The benchmark S&P/ASX 200 index was up just 4.8 points to 4,334.1 at 0435 GMT, well shy of an earlier high of 4,351.8. The benchmark fell 0.1 percent on Monday after weak building approvals data.

The Reserve Bank said although growth was somewhat lower than estimated, it was prudent to wait for further inflation data before considering a rate cut.

New Zealand's benchmark NZX 50 index fell 0.5 percent to 3,475.9.