The Reserve Bank of Australia released its minutes concerning March meeting, when the bank decided to raise interest rates by 25 basis points to 4.0%. The RBA said it raised borrowing costs in March as inflationary pressures increased after economic growth accelerated which encouraged the policy makers to raise rates to control inflation.

The bank's decision came inline with market projections especially with improvements witnessed in the labor market and the mining sector. Policy makers said interest rates still below normal and further adjustments in monetary policy might be needed to keep inflation within the target range.