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Reserve Bank of Australia (RBA) Victims

WEEKEND ECONOMIST: RBA downer

Bill Evans    Business Spectator    7 Sep 2012

As expected the Reserve Bank Board decided to leave the cash rate unchanged at 3.5 per cent at its September Board meeting. However, the statement accompanying the decision was by no means formulaic. We were quite unnerved by the marked deterioration in the Governor’s assessment of the world economy and the recent falls in iron ore prices.

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The RBA has gotten it entirely wrong – the economy growth rate is stunningly strong: Christopher Joye

By Christopher Joye          Thursday, 07 June 2012

So it’s now official. All the analysts, commentators, and policymakers who told you that Australian economic growth was decelerating, “sub-trend” (a popular phrase), “modest”, “below capacity”, or about to head into recession were woefully misguided. Anyone who predicted interest rate cuts over 2011 and 2012 on the basis of a weak domestic economy was right, but for the wrong reasons.

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RBA’s big cut: explanations and implications

Mark Bayley - PUBLISHED: 3 hours 26 MINUTES AGO - UPDATE: 3 hours 25 MINUTES AGO - 7the May 2012

Why did so many economists and commentators get the RBA interest rate decision wrong? For me, the two key parts of Glenn Stevens’ statement that provide the explanation come towards the end and mention banks’ higher costs of funds and the appropriate level of borrowing rates:

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