Australia's central bank has hinted that benchmark cash rates in the country may go down after months of being held at 4.75 percent.

Minutes of the Reserve Bank's October 4 meeting has showed that though bank official led by Governor Glenn Stevens are still on the wait-and-see mode as to when best to cutback interest rates, but analysts are saying it could be in November.

The RBA said that they are prepared to adjust Australia's benchmark interest rates as the domestic and global economic conditions continue to worsen.

With the said predicament, the Australian dollar lost ground after the release of the RBA's minutes as investors viewed them as more proof that the central bank will cut rates when its board next meets on November 1. The dollar traded recently $US1.018, down from $US1.0202 before the announcement, the Sydney Morning Herald reported.

The RBA stated in the minutes that one of the key economic indicators that they are waiting for is Australia's inflation numbers due for release next week as well as the general pulse of the global financial markets.

It is worthy to note that the RBA minutes did not include the other economic indicators such as the retail sales, the labor and trade data released by the state-run bureau, Australia Bureau of Statistics.

However, the RBA minutes did mentioned subdued growth in manufacturing, construction, wholesale and retail sectors.

"While there remained good reasons to expect solid growth over the medium term, indications were that the pace of near-term growth was unlikely to be as strong as earlier expected, reflecting both global and local factors," the RBA minutes said.

"In the mining sector, the pipeline of investment remained very strong with another large project (the $29 billion Wheatstone LNG project) receiving final investment approval during September."

While the mining sector was going strong, the RBA acknowledged that growth in other parts of the economy was subdued.

"Conditions remained weak in the manufacturing, construction, wholesale and retail sectors," said the RBA minutes.

"The housing market remained subdued, with housing prices having fallen by three per cent over the year to August.

"As had been the case elsewhere around the world, business confidence had fallen noticeably and growth in business credit remained weak."

EU Debacle

Although the RBA meeting took place two weeks ago and amidst the raging European debt crisis debacle, there is still little window of optimism for the said turmoil to go abated.

Germany's latest statement that the EU crisis would not be resolved that easily dashed earlier hopes that the debt debacle might soon be over.