Great urgency in an RBA snip

Weak global growth is bad enough for the Australian economy without the problem of an overly strong dollar. It's high time the Reserve Bank made up for past mistakes.

The Reserve Bank should have cut interest rates a couple of months ago, but its pig-headed and increasingly misguided optimism on Chinese growth, the mining boom and high commodity prices overwhelmed news of ongoing low inflation, a softer labour market and faltering global economic conditions.

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