The Reserve Bank of Australia released today the minutes of December 1 meeting when the bank decided to raise interest rates by a quarter basis points for the third straight month to reach 3.75%. The bank said that raising borrowing costs for the third month gives monetary policy makers more flexibility at future meetings.

The central bank expected economic growth to accelerate next year, after the Australian economy expanded in the three months through September. Moreover, the RBA raised its benchmark three straight months stating from October after interest rates were kept at the low record of 3.00% for six months.