The economy, we're told, is "on an even keel", we're hopeful we can engineer "a soft landing" although the "pathway remains a narrow one". But for months now, the continued message from Martin Place has incorporated a mangled series of mixed metaphors supposedly designed to calm a nation bewildered and frightened by the abrupt upheaval in its financial fortunes. Poor communication and what many see as broken promises on interest rates have driven the incredible community backlash against our central bank.Ĭhastened it may be. Only a handful were holdouts, predicting a return to rate rises.īut the majority called it incorrectly, and most now are pointing the finger at the Reserve Bank, angry about what they argue was a sudden about-face. The bulk of the nation's top economists were in firm agreement. Late on Monday, on the first anniversary eve of our latest rate-hiking cycle, money markets were almost unanimous: The Reserve Bank of Australia, they concluded, was likely to keep interest rates on hold at 3.6 per cent for the second successive month, delivering much-needed respite to cash-strapped home owners.
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