The RBA's timely market salvation

The Reserve Bank was tardy in cutting last year, but has been rescued by an unexpected lift in stock markets. Now it's likely the bank could hold fire for the rest of the current cycle.

The Reserve Bank will leave interest rates steady following the meeting of its board today. A cut will not be seriously considered, to be frank, which means that the gurus on the board will spend plenty of time looking at various scenarios that focus on where monetary policy could and should be in the next six to 12 months. They will consider more long-run issues that help them form views on whether additional rate cuts are going to be needed, or if the more positive economic news unfolding will require interest rates to edge higher sometime down the track.

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