The tech sector was the biggest gainer, while health care lost ground. -AAP Image
The Australian share market has finished higher, but a stronger rally faded after the release of hawkish Reserve Bank minutes indicating another rate hike this year is still possible.
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The benchmark S&P/ASX200 index closed Tuesday up 29.6 points, or 0.42 per cent, to 7,056.1, while the broader All Ordinaries gained 29.8 points, or 0.41 per cent, to 7,244.4.
The ASX200 had been up as much 1.05 per cent by late morning, before the release of the minutes showing the RBA board thought most households and businesses were managing to adjust to higher interest rates.Â
The meeting summary also indicated that board members remained concerned about the upside risks of inflation and were open to another rate hike next month.
"The board has a low tolerance for a slower return of inflation to target than currently expected," the minutes said.
The Australian dollar was buying 63.55 US cents, from 63.29 US cents at Monday's ASX close.
