RBA faith is getting hard to take

Whatever momentum the economy began the year with has largely washed away, and the Reserve Bank's belief it will simply return to trend is stretching credibility.

The cash rate remained at 2.5 per cent in September -- the twelfth consecutive meeting without a rate move -- and the Reserve Bank of Australia has again signalled a period of stability. Yet with each passing month there is mounting evidence that the Australian economy is not rebalancing as quickly or successfully as the RBA believes.

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