The Reserve Bank of Australia (RBA) released its minutes from September 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.
The central bank noted that there is a downside risk to the outlook for global growth.
"But it was too early to assess the extent to which this would materially alter the forecast for GDP growth in Australia's trading partners," the RBA said.
Board members pointed out that mining investment will stabilise at lower level.
"Members discussed the implications of the recent emphasis on cost cutting in the mining sector, noting that it would probably lead to mining investment eventually stabilising at a lower level than had previously been expected," the minutes said.
The central bank also said that the Fed's interest rate hike "could have significant effects on financial markets despite the fact that it had been well telegraphed".
The RBA kept unchanged its interest rate at 2.00% in September.
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