The Reserve Bank of Australia (RBA) released its minutes from March monetary policy meeting on Tuesday. The RBA said that the Australian economy expanded slightly below the trend, adding that there were "further signs of a rebalancing of activity towards non-mining sectors of the economy".

The RBA noted that the employment was expected to grow, while wages remained at low levels.

Members also said that further interest rate cut may be needed.

"Members noted that continued low inflation would provide scope to ease monetary policy further, should that be appropriate to lend support to demand," the minutes said.

The central bank will analyse the incoming economic data, the RBA said in its minutes.

The RBA kept unchanged its interest rate at 2.00% in March.