The Economy: Rates On Hold, For Now...
No rate rise from the Reserve Bank yesterday and no concern, yet about the outlook.
A sort of steady as she goes statement from the Governor Glenn Stevens after the board meeting.
The impact of the Queensland and Victorian floods, plus Cyclone Yasi seems not to be as big a fear as it was a month ago.
Mr Stevens said, "The effects of the natural disasters over the summer have reduced output, but production levels should recover over the months ahead, and there will be a mild boost to demand from the rebuilding efforts as they get under way."
"Production losses due to weather are temporarily raising prices for some agricultural produce, but these should fall back later in the year.
"Overall, looking through these temporary effects, the Bank expects that inflation over the year ahead will continue to be consistent with the 2-3