The Reserve Bank of Australia released the minutes of the November 3 meeting when the bank decided to raise interest rates by 25 basis points to 3.50% to be the second straight raise in borrowing costs. The bank said that the pace of hiking interest rates is an open question and if economic conditions continued to improve according to forecasts, more gradual raise in interest rates will be appropriate over time.

The RBA said that economic activity in Australia and abroad may slow more than expected as the effect of the stimulus measures is waning. However, the Australian policy makers added that rising local currency value is affecting output badly and it helps to ease inflationary pressures.