It was no surprise today that the RBA kept interest rates on hold. The Reserve Bank has left the official rate unchanged at
5.50% and according to analysts surveyed in this news.com.au article, there may be no changes for the rest of
the year.

The Reserve Bank has drawn attention to the almost vertical
rise of commodity prices. There should be no confusion,
this is a major mineral boom. Those with long memories will recall that
often such booms lead to busts, which is why the Reserve is being so bold as to
publish a graph. (In the middle 1980s, the RBA published a graph on Australia’s
international debt, also intended as a warning – the RBA is a subtle
organisation.)

Read more here.

Peter Fray

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