By Greg Peel

I'm not going to say anything, just offer these monetary policy conclusions from past RBA statements and minutes, and from today's May minutes. The emphasis is mine:

September, 2010:

“With the economy currently growing at around its trend rate, underlying inflation having moderated and lending rates at around average levels, the Board's assessment was that the current setting of monetary policy remained appropriate for the time being.”

October 2010: “The current stance of monetary policy is delivering interest rates to borrowers close to their average of the past decade. The Board regards this as appropriate for the time being. If economic conditions evolve as the Board currently expects, it is likely that higher interest rates will be required, at some point, to ensure that inflation remains consistent with the medium-term target.”

November 2010:

Rate rise.

April 2011:

At today's meeting, the Board judged that the current mildly restrictive stance of monetary policy remained appropriate in view of the general macroeconomic outlook.

May 2011:

In this respect, members judged that if economic conditions continued to evolve as expected, higher interest rates were likely to be required at some point if inflation was to remain consistent with the medium-term target.

June 2011:

Rate rise?

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