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March 19 (Reuters) - Australian shares traded flat on Tuesday, as elevated commodity prices boosted miners, offsetting losses in heavyweight financials, while investors keenly awaited the country's central bank's key policy decision due later in the day.

The S&P/ASX 200 index .AXJO held steady at 7,673.2 by 2342 GMT. The benchmark ended 0.1% higher on Monday.

The Reserve Bank of Australia (RBA) will announce its cash rate later in the day, where it is anticipated to hold rates steady.

The central bank board has not seen enough to push them off a tightening bias, but the RBA will shift to neutral in May following the first-quarter inflation print, ANZ analysts wrote.

The U.S. Federal Reserve will likely keep rates unchanged at 5.25-5.5% when it ends its policy meeting on Wednesday, and investors expect the Fed to begin cutting rates by June or July. GLOB/MKTS

Back in Sydney, miners .AXMM led the gains, rising 0.5%, as iron prices rebounded on positive data from top consumer China. /IRONORE

Mining giants BHP Group BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX climbed between 0.7% and 0.8%.

Rate-sensitive real estate stocks .AXRE rose 0.5%, recovering some of their losses from Monday. Mirvac Group MGR.AX gained 0.9% and Dexus DXS.AX added 0.3%.

Energy stocks .AXEJ tracked soaring oil prices to trade 0.6% higher. O/R

Sector majors Woodside Energy WDS.AX and Santos STO.AX rose 1.1% and 0.8%, respectively.

Bucking the trend, heavyweight financials .AXFJ retreated 0.3%, with the "Big Four" banks trading in the red.

Boral BLD.AX lost as much as 1.6%. The construction materials firm recommended its shareholders to reject Seven Group Holdings' SVW.AX A$1.9 billion ($1.25 billion) buyout offer on valuation concerns.

New Hope Corp NHC.AX advanced as much as 4.1%, after the thermal coal miner announced a better-than-expected dividend for the half year.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.2% or 20.5 points to 11,748.51.

($1 = 1.5253 Australian dollars)

(Reporting by Sneha Kumar in Bengaluru; Editing by Rashmi Aich)

((Sneha.kumar@thomsonreuters.com))

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