Australia's central bank on Tuesday decided to retain the benchmark cash rate unchanged at 2.75 percent as expected, while maintaining its view that the inflation outlook allowed some scope to ease monetary policy further.
The Reserve Bank Board judged that the easier financial conditions now in place will contribute to a strengthening of growth over time, consistent with achieving the inflation target.
The Board also noted that the recent national accounts data has confirmed that the economy has been growing a bit below trend over the recent period.
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