Why the Reserve Bank is right on rates

A slowdown in the housing market, shaky consumer confidence and a likely fall in the Australian dollar suggest the case for a rate rise in the near term has all but disappeared.

In its board minutes, the Reserve Bank of Australia reiterated that it will leave rates unchanged for some time. Naturally it remains unclear how long that might be, but with momentum in the housing market slowing and consumer confidence plummeting, it is hard to argue that its stance is wrong.

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