rba minutes $42bn stimulus

RBA cautioned that the "very significant" macroeconomic stimulus will take time to flow through the economy.

"This stimulus would take time to be effective and could be expected to have only a modest effect on the near-term outlook in Australia," it said.

But the board members agreed that the government's $42 billion fiscal stimulus package, which was unveiled on the same day the RBA lowered the official cash rate 100 basis points, would drive a "significant boost" to demand during 2009.