The Reserve Bank of Australia has flagged the likelihood that official interest rates could be cut again soon.
The ABC reports a reduction to 3% would take the official cash rate to its lowest level since April 2009, in the wake of the Lehman Brothers collapse.
The signal is contained in the minutes from the RBA's meeting a fortnight ago when the cash rate was kept on hold at 3.25%.
"Members considered that further easing may be appropriate in the period ahead," according to the minutes.
However, the board decided that with inflation for the September quarter slightly higher than expected, and positive news about the global economy, "the stance of monetary policy was appropriate for the time being."
The minutes note the RBA's caution about making another rate cut a fortnight ago given the 1.5 percentage points in reductions since November last year.
"The effects of earlier reductions were continuing to work their way through the economy and members expected that further effects of these changes were yet to be observed," the minutes note.
The RBA's next meeting is on 4 December.