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The Reserve Bank of Australia (RBA) released its minutes from November monetary policy meeting on Tuesday. The RBA said that the accommodative monetary policy was appropriate, adding that low interest rates supported growth in household consumption and dwelling investment.
The Australian economy continued to expand moderately, the RBA said.
According to the minutes, "the Australian dollar was adjusting to the significant declines in key commodity prices and boosting demand for domestic production".
Members also said that there is "spare capacity, including the relatively high unemployment rate, low wage growth and the lower-than-expected inflation outcome in the September quarter".
The minutes said that the outlook for the Asian region, particularly China, is one of the key uncertainties in forecasting global growth.
The RBA kept unchanged its interest rate at 2.00% in November.
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