Mumbai, Aug. 26 -- Policymakers of the Reserve Bank of Australia said more rate cuts are likely over the coming year and the pace of the future policy easing would be determined by the incoming data on a meeting-by-meeting basis.
At the meeting held on August 11 and 12, the policy board unanimously decided to trim the cash rate target by 25 basis points to 3.60 percent, which was the third reduction this year.
"Members agreed that - based on what they knew at the time of the meeting - preserving full employment while bringing inflation sustainably back to the midpoint of the target range appeared likely to require some further reduction in the cash rate over the coming year," the minutes said.
Policymakers also agreed that it was importa...