The Reserve Bank of Australia (RBA) released its minutes from February's monetary policy meeting on Tuesday. The RBA said that it cut its interest rate this month to support demand and to achieve balanced growth.

The central bank is concerned about housing price inflation. It noted that it would monitor closely developments in the housing market.

Australia's central bank reiterated that "a lower exchange rate was likely to be needed to achieve balanced growth in the economy".

The RBA pointed out that it had considered whether to lower its interest rate at the February meeting or to postpone it until March. It decided to cut in February.

The RBA cut its interest rate to a new record low of 2.25% this month, down from 2.50%.