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The Reserve Bank of Australia were happy to take a wait and watch stance in February's monetary policy meeting, the minutes of the meeting released on Tuesday showed.
Members of the Reserve Bank Board saw the decision to leave the cash rate on hold at 3.75% to be "finely balanced" and signaled towards further rate hikes if economic conditions continued to improve as expected.
But they did not regard the outlook as requiring an increase in every meeting, and they saw the earlier moves to begin withdrawing stimulus promptly as affording the board a degree of flexibility in its subsequent decisions.
Members judged that monetary conditions were no longer "exceptionally accommodative", though the structure of interest rates was "still somewhat below average".
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