Australia may get a longer reprieve from upward interest rate adjustments as the latest minutes from this month's meeting of the Reserve Bank of Australia (RBA) shows.

Minutes from the most recent Reserve Bank of Australia (RBA) board meeting has shown that greater concern with the global economy and less emphasis on the need for domestic interest rate rises.

The RBA noted that the laggards in consumer spending and the impact of a high dollar had created a more dire impact on the domestic economy in recent weeks.

The minutes from its July board meeting has pointed out that the Monetary Board still see the current monetary policy as appropriate. The RBA minutes, however, gave no indication of the likelihood of a rate cut that has been predicted by some economists. The possibility of another increase in the cash rate is also low given the local situation emphasized by the RBA Board.

The RBA Board led by Glenn Stevens also cited the lingering debt problems in Europe that can impact on global growth in the medium term.

Australia, according to the RBA is a multi-speed economy, as the mining industry will continue to strengthen for a few more years.

The RBA said these prevailing factors gave it more room to assess the inflationary impact of existing economic indicators and the board said it would be closely monitoring the June quarter consumer price inflation figures due next week.