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Financial News: RBA Minutes: Economic Recovery Remains On Track

RBA Minutes: Economic Recovery Remains On Track

11/20/2017 - 20:31:00 (RTTNews)

(RTTNews) - Members of the Reserve Bank of Australia's Monetary Policy Board said that the outlook for the country's economy remained more or less on track, minutes from the bank's November 7 meeting revealed on Tuesday.

The members acknowledged that gross domestic product has been slightly weaker than expected - and while not dramatically so, it's likely to head off any discussion of a rate hike in the near term.

Also, the members noted that any further appreciation of the Australian dollar would complicate matters, weighing on both economic growth and the inflation forecast.

At the meeting, the RBA decided to maintain its benchmark interest rate at a record low 1.50 percent.

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