Australia's central bank is set on raising interest rates again as it battles to contain red-hot inflation, but sees a case for slowing the pace of hikes as rates approached more normal levels.

Minutes of the Reserve Bank of Australia's (RBA) September Board meeting out on Tuesday reiterated that policy was not on a pre-set path and would be balanced to try and keep the economy on an even keel.

"All else equal, members saw the case for a slower pace of increase in interest rates as becoming stronger as the level of the cash rate rises," the minutes showed.

The central bank lifted its cash rate by 50 basis points to 2.35% at the Sept. 6 meeting, the fifth hike in as many months for a total increase of 225 basis points. (Reporting by Wayne Cole; Editing by Christopher Cushing)