SYDNEY—The Reserve Bank of Australia left its official cash rate unchanged for the third month in a row on Tuesday, but remained cautious about the outlook, saying that further interest-rate increases remain a possibility as inflation remains too high.

The official cash rate was left at 4.1%, as widely expected by economists. The RBA has been on hold since July, with many economists saying now that the tightening cycle, which unleashed 400 basis points of increases in just over a year, is at an end.

“Some…