Reserve Bank board considered pre-Christmas rate hike but paused on "encouraging signs" about slowing inflation

The Reserve Bank board left official interest rates on hold a fortnight ago given "encouraging signs" that aggressive hikes are conquering inflation. 

In its final meeting of the year, the RBA board held the cash rate at 4.35 per cent despite concerns that inflation could remain above the 2 to 3 per cent target "for a prolonged period".

Here's my hot take for The World Today from outside RBA headquarters in Sydney's Martin Place