The tone of the Reserve Bank of Australia's (RBA) post-meeting monetary policy statement was "a little less hawkish" than markets might have been expecting, although it also appears clear that the monetary policy board is keeping its options open, ANZ Research said in a Tuesday note.

The RBA decided to leave the official cash rate unchanged at 3.60%, noting that the labor market conditions are expected to ease modestly.

ANZ analysts expect the board to remain data-dependent, given the high degree of uncertainty around the policy stance and the extent to which the recent lift in

inflation may persist.

The post-meeting statement notes "uncertainties about ... the extent to which monetary policy remains restrictive." The board doesn't yet seem ready to view the policy as "neutral" or "not restrictive," ANZ Research noted.

On inflation, the board appears inclined not to place too much weight on the new monthly consumer price index data, ANZ said. Risks around the outlook appear skewed to the upside for both activity and inflation.

ANZ analysts expect the cash rate to remain at 3.60% for an extended period.