Australia’s central bank says it intends to use a “less specific” form of forward guidance in future, after it drew criticism for raising rates much earlier than it had previously predicted.

The Reserve Bank of Australia (RBA) said it would return to using a more “qualitative” form of forward guidance, in a review carried out by the central bank’s board.

“Given inherent uncertainty in the world, forward guidance should be flexible and is not always required. This approach is best described as