RBA minutes reveal discussion around rate cut
Policy-makers felt monetary easing would improve prospects for inflation and growth
Minutes of the Reserve Bank of Australia's (RBA) latest policy meeting shed light on the decision to cut the key rate to 1.75% this month.
"Members discussed the merits of adjusting policy at this meeting or awaiting further information before acting," the minutes said.
Developments over the past month had not led to a "material change" in the outlook for economic activity or the unemployment rate, but the outlook for inflation had been revised lower.
As a result, members were "persuaded" that
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