SYDNEY, AAP – Investors lost some enthusiasm for Australian shares after the Reserve Bank changed its language on lifting rates.

The market was about half a per cent higher for much of Tuesday but dived after the Reserve Bank statement after its monthly meeting did not include the common refrain that it is prepared to be patient on increasing rates.

The bank left the cash rate at a record low 0.1 per cent but analysts say a hike is looming in the next few months.

The benchmark S&P/ASX200 index closed up 14.2 points, or 0.19 per cent, to 7527.9.

The All Ordinaries index closed higher by 14.3 points, or 0.18 per cent, to 7833.2.

Meanwhile, the Australian dollar was buying 76.09 US cents at 1618 AEST, higher from 75.13 US cents at Monday’s close.