The Reserve Bank of Australia released its minutes concerning the February 2 meeting when the bank unexpectedly decided to keep interest rates steady at 3.75%. Board members said the rate decision was finely balanced especially with the debt risks seen in Europe, which is threatening global recovery.

Monetary policy makers said that further increases in interest rates will be necessary, if economic conditions continued to improve according to expectations. The report said borrowing costs are no longer exceptionally accommodative after the RBA raised interest rates in three straight meetings.