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Australia's central bank willing to drop interest rates further

Xinhua, June 16, 2015 Adjust font size:

The Reserve Bank of Australia (RBA) continues to signal its willingness to lower Australian interest rates further if necessary, saying it will assess incoming data as to whether policy settings are correct.

The minutes of the central bank's June board meeting, published Tuesday, said there was broad agreement on the RBA's board that policy "should be accommodative," local media reported.

"Members judged that it was appropriate to leave the cash rate unchanged and to assess information on economic and financial conditions as it became available," the minutes said. "These data would inform the board's assessment on the state of the economy."

The release of the minutes comes a week after RBA Governor Glenn Stevens said he was open to lowering rates further if conditions warranted.

However, Stevens warned against relying too much on monetary policy to lift Australia's economy out of its current slump, noting the "crazy" pace of house price growth in Sydney.

Stevens called for Australian business investment and infrastructure spending to fan recovery. Endi