Consumers wave the keys to a recovery vehicle

If you want growth it's the average spenders who can deliver it. Today, the Reserve Bank will be smiling at consumer stirring that could coalesce into the ‘new normal’.

The Reserve Bank board should allow itself some congratulatory tea and biscuits this morning: monetary policy is still working.

Champagne corks, of course, remain off the menu. But it’s not a boom the bank is looking to engineer, only a solid return to more normal levels of activity in construction, housing and retail.

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