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The Reserve Bank of Australia (RBA) released its minutes from August monetary policy meeting on Tuesday. The RBA said that the accommodative monetary policy was appropriate.
The central bank added that "the Australian economy had been adjusting to the shift in activity in the resources sector from the investment to the production phase", driven by falls in key commodity prices and the depreciation of the Australian dollar.
The RBA noted that the depreciation of the Australian dollar lead to a slight upward revision to the forecast for inflation, which "was expected to remain consistent with the target over the forecast period".
"The further depreciation of the Australian dollar was expected to impart stimulus to the economy through stronger net exports," the central bank said.
The RBA kept unchanged its interest rate at 2.00% in August.
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