News & Analysis » Asia

RBA Minutes: Slightly Restrictive Policy Still Appropriate

(RTTNews) - Reserve Bank of Australia governors felt this month that a "slightly restrictive" monetary policy remains appropriate.

Minutes of the RBA's February 1 Monetary Policy Meeting were released Tuesday morning in Sydney.

"Given the medium-term outlook for the economy, and the limited amount of spare capacity that existed, members judged that this slightly restrictive policy stance remained appropriate," the minutes said.

At the meeting, the RBA left its Official Cash Rate unchanged at 4.75 percent.

the RBA noted a modest rise in consumer spending, and low inflation in keeping rates unchanged.

"The continuation of subdued growth in consumer spending and the lower-than-expected inflation outcomes provided additional time for the Board to assess at future meetings the evolving balance of risks to both output and inflation," the minutes said.