From Chris Joye today:
This week the RBA was forced into another about-face on housing conditions, which it has failed to forecast since its aggressive rate cutting program commenced in earnest in 2012.
In announcing no change to the cash rate on Tuesday, the new governor Philip Lowe excised a crucial line from his predecessor’s August assertion that “the likelihood of lower interest rates exacerbating risks in the housing market has diminished”. What a joke.
