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The Reserve Bank of Australia's monetary policy committee saw the arguments for and against this month's interest rate increase as "finely balanced."
Minutes of the RBA's December 1 meeting were released Tuesday in Sydney.
At the session, the bank raised its benchmark interest rate by 25 basis points to 3.75 percent.
The minutes show members felt Australia's economic growth was "materially stronger than had been expected earlier in the year." It also found that prospects for continued growth were "generally strengthening."
Underlying inflation was seen as likely to moderate further in the near term, but was not expected to fall as far as was thought earlier in the year.
The minutes also showed credit for housing was "expanding at a solid pace," with many businesses paying down debt.
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