RBA Minutes: Australia Economy Improving As Expected

(RTTNews) - Members of the Reserve Bank of Australia's Monetary Policy Board felt that the country's economic recovery was tracking mostly as expected, minutes from the central bank's March 19 policy meeting revealed on Tuesday.

The members also noted that risks to the economy seem to be broadly balanced, while risks to global financial security seem somewhat higher.

Financial conditions remain high in Australia, particularly for households, the minutes showed - largely because inflation remains high but is gradually returning to the central bank's target range.

At the meeting, the RBA kept its benchmark interest rate unchanged at 4.35 percent for the third straight meeting. The policy board added that the economic outlook and the interest rate path are uncertain as inflation remains high, although it is moderating.