The Reserve Bank of Australia (RBA) released its quarterly Statement of Monetary Policy on Friday. The RBA revised its forecast for GDP growth for 2015 to 2.5%, compared with 2.25-3.25% in the RBA's previous estimate. The forecast for 2016 was lowered to 2.75% - 3.75 %, down the previous estimate of 3.00% - 4.00%.

The RBA revised its inflation forecast for 2015 to 2.5% from its previous estimate of 2.0% - 3.0%. The inflation forecast for 2016 was cut to 1.75% - 2.75 %, down the previous estimate of 2.00% - 3.00%.

Australia's central bank it offered no clear signal for further interest rate cut. But the RBA reiterated that further depreciation of the Australian dollar is "both likely and necessary".

The RBA cut its interest rate to a new record low of 2.00% this week, down from 2.25%. It was the second interest rate cut this year.