The Reserve Bank of Australia released its December meeting minutes, where it announced some significant decision and notes, where it declared that the interest rate was cut in the last meeting by 25 basis to reach 4.25%.

Also, the central bank said that the unsolved and the escalating European debt crisis will cause further contraction in Europe, and it will deliver negative impacts to the global economy, where it said that the global growth may witness further weakening during 2012, yet the RBA noted that the Asian growth remains solid and U.S. growth gives a positive signs.