(Updates to close)
SYDNEY Nov 5 (Reuters) - Australian shares rose 0.8 percent on Tuesday, as miners gained on rising iron ore prices while investors looked past a widely expected decision by the Reserve Bank of Australia to keep rates steady for a third consecutive month.
Australia's central bank held rates at a record low of 2.5 percent on Tuesday, saying past cuts were supporting demand, but cautioned that a full recovery might not be possible without a weaker currency.
The S&P/ASX 200 index rose 41.5 points to finish at 5,432. Activity was thin due to the Melbourne cup horse races in Victoria, with a total 403 million shares trading hands during the session, compared to a year-to-date daily moving average of some 687 million shares.
New Zealand's benchmark NZX 50 index rose 0.6 percent to finish the session at an all-time closing high of 4,938.7 points. (Reporting by Thuy Ong; Editing by Shri Navaratnam)