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The Reserve Bank of Australia (RBA) released its minutes from December's monetary policy meeting on Tuesday. The RBA said that gross domestic product growth will be below trend over 2014/15, but will pick up towards the end of 2016.
The RBA noted that "very low interest rates had supported activity in the housing market". The central bank said that "subdued labour market conditions were likely to weigh on consumption growth and consumer confidence more generally".
The RBA members pointed out that "further exchange rate depreciation was likely to be needed to achieve balanced growth in the economy". They noted that monetary policy easing is possible during 2015.
Australia's central bank reiterated that "the most prudent course was likely to be a period of stability in interest rates".
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