The Australian dollar has dipped slightly, buying 71.63 US cents from 71.70 US cents on Tuesday, still below the six-week high of 71.93 US cents .

The dollar is also buying $1.06 New Zealand dollars, 4.808 Chinese yuan renminbi, 80.3 Japanese yen, 63 Euro cents, and 54.9 British pence.

Australia’s central bank believes a cut in interest rates would be “appropriate” should inflation stay low and unemployment trend higher, though there was no strong case for a move in the near term.

Minutes of its April board meeting, released on Tuesday, showed Reserve Bank of Australia policymakers acknowledged the economic effect of ever lower rates could be smaller than in the past, given high household debt and crumbling property prices.

Yet easing would still have some stimulative effect, in part by causing a likely decline in the Aussie.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.