reserve bank

The Reserve Bank has, as bluntly as a central bank can, rebuked the campaign from neoliberal economists and the Financial Review for a punitive lift in interest rates. In the minutes of its July board meeting released yesterday, the bank declared "it would be appropriate to hold the cash rate steady and for the Bank to be a source of stability and confidence while this progress unfolds”.

If the bank wants to be a source of stability in holding rates steady, it's pretty obvious how it regards those calling for a lift in interest rates -- not for any reasons based on evidence, just because they don't like the current rate. Not that the bank has departed from its view that the next move in rates, whenever it comes, will be up.