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The Reserve Bank of Australia (RBA) released its minutes from October monetary policy meeting on Tuesday. The RBA said that the accommodative monetary policy was appropriate, adding that the monetary policy decision will depend on the incoming economic data, both domestically and abroad.
The central bank noted that the GDP growth in the June quarter was weak, in line with expectations. Weak resource exports and a decline in mining investment weighed on the GDP growth.
According to the minutes, board members noted that the interest rate cut this year "continued to provide support to demand, particularly dwelling investment and household consumption".
Members also said that the labour market strengthened in the recent months, but "spare capacity remained in the economy".
Risks to financial stability and stability of the economy in Australia revolved around local property markets.
The RBA kept unchanged its interest rate at 2.00% in October.
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