The Reserve Bank of Australia (RBA) released its minutes from March monetary policy meeting on Tuesday. The RBA is likely to cut its interest rate this year but it will wait for April's inflation and labour market data.
The RBA board discussed whether or not to lower its interest rate further at this meeting but "members saw benefit in allowing some time for the structure of interest rates and the economy to adjust to the earlier change".
The central bank pointed out that the Aussie "remained above most estimates of its fundamental value" despite the recent depreciation.
The RBA warned that "risks in the household sector continued to be centred on housing and mortgage markets".
The RBA kept its interest rate unchanged at 2.25% on March 03. Analysts had expected the RBA to cut its interest rate to 2.00%.
Australia's central bank cut its interest rate to 2.25% on February 03, 2015, down from 2.50%.