Australian shares extend gains as RBA urges patience on policy tightening

Australian shares closed higher on Wednesday, led by energy and mining stocks, as the central bank offered an upbeat economic outlook and called for patience in tightening monetary policy.

The resources-heavy S&P/ASX 200 closed 1.2% higher at 7,087.7. The benchmark, which fell into correction territory last week, rose for the second straight session after three straight weeks of losses.
 

The Reserve Bank of Australia said it had "a rare opportunity" to reach full employment with the unemployment rate expected to fall under 4% for the first time in half a century and that justified its accommodative stance.
 

It, however, opened