RBA interest rate rise 'not urgent'

The minutes of the last Reserve Bank of Australia (RBA) monetary policy meeting have revealed that the central bank does not consider an interest rates increase to be a matter of urgency.

When the board convened on June 7th 2011, it decided to keep the cash rate at 4.75 per cent, the level set in November last year, marking the seventh consecutive month that it was not altered.

According to the minutes, the board felt it would be "prudent" to wait until more data on economic and financial developments overseas was available.

The sovereign debt problems in Europe were among the issues the board asserted it was concerned about.

Strong domestic demand and inflationary pressures within Australia were also cited as reasons to maintain the status quo.

"The flow of data over the past month had not added any urgency to the need for an adjustment to policy," the minutes stated.

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