The Reserve Bank of Australia (RBA) release its Statement on Monetary Policy on Friday. The central bank cut its inflation forecasts. Consumer price inflation is expected to be 1%-2% by the end of 2016, down from its previous estimate of 2%-3%, and 1.5%-2.5% by mid-2018, down from its previous estimate of 2%-3%. The Australian economy is expected to expand 2.5%-3.5% by the end of 2016, and 3%-4% by mid-2018, both forecasts remained unchanged.

The RBA said that uncertainty weighed on consumer price inflation in Australia, adding that it will adjust its monetary policy to boost consumption and inflation.