Australia's central bank cut interest rates on Tuesday for a third time this year and signaled further policy easing might be needed to meet its inflation and employment goals as the economy lost some momentum.

Australia’s central bank has reduced its benchmark interest rate by a quarter percentage point for a third time this year to 3.6%, with inflation tamed and economic growth stalling.

Future rate cuts may be less likely if renting and construction costs contributing to housing inflation continue to grow.