The RBA lowered growth and inflation forecasts for 2015 in today's Monetary Policy Statement and stated that unemployment is going to rise. Economic growth is going to expand between 1.75% and 2.75% compared to the previous forecast of 2% to 3% in November. Inflation is projected to be around 1.25%, the previous forecast of the RBA was from 1.5% to 2.5%. Three days ago RBA's Governor Glenn Stevens's cut benchmark interest rates unexpectedly to a record low to 2.25% by 25 basis points as a consequence of slumping iron ore prices. Iron ore accounts for 20% of Australia's exports. A strong Australian dollar weighs on the country's export industry.