Governor Michele Bullock and the Reserve Bank board have left interest rates on hold. Photo: Aap Image/AAP PHOTOS

The Reserve Bank of Australia has held interest rates steady after a surprise surge in inflation potentially spelled the end of the cutting cycle.

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Borrowers now face the possibility of the central bank's next move being up rather than down, after the widely anticipated move on Tuesday.

The unanimous decision leaves the cash rate at 3.6 per cent after 75 basis points of easing since February.

Unemployment is ticking up but so is inflation, meaning no relief for mortgage

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