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Reserve Bank of Australia policy makers saw evidence of improving economic conditions both at home and abroad when they voted earlier this month to raise interest rates.
Minutes of the October 6 RBA meeting were released Tuesday in Sydney. At the meeting, board members voted to increase interest rates by 25 basis points to 3.25 percent.
They showed that the RBA saw a danger in keeping rates too low for too long, specifically in the form of inflation.
"Overall, the information becoming available over the past month had provided further evidence that the outlook for the domestic and global economies was continuing to improve," the minutes said.
Board members noted that domestic economic conditions had been "noticeably stronger than had earlier been predicted," and that most forecasts for economic growth had been upwardly revised.
The board noted that a "sizable gap" had opened between Australia's economic performance and that of other developed economies.
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