RBA announce on hold cash rate at 4.35%, as expected

The RBA has dropped the wording that a further hike "cannot be ruled out".

Now this verbosity:
"The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out".
Which tilts a little less hawkish. And indeed by not ruling ANYTHING in or out, I guess they may even cut? Currently expectations for the first cut centre on September.

Headlines via Reuters:
Board remains resolute in its determination to return inflation to target.
Inflation continues to moderate but remains high.
Recent information suggests that inflation continues to moderate.
Services inflation remains elevated and is moderating at a more gradual pace.
Board is not ruling anything in or out on interest rates.
The data are consistent with continuing excess demand in the economy and strong domestic cost pressures, both for labor and non-labor inputs.
Higher interest rates are working to establish a more sustainable balance between aggregate demand and supply in the economy.
The board expects that it will be some time yet before inflation is sustainably in the target range.
Accordingly, conditions in the labor market continue to ease gradually, although they remain tighter than is consistent with sustained full employment and inflation at target.
While recent data indicate that inflation is easing, it remains high. While there are encouraging signs that inflation is moderating, the economic outlook remains uncertain.

AUD is lower after the announcement.