13 economists surveyed by AAP all expect the RBA to leave rates on hold today when the outcome of today's policy meeting is released at 2:30pm AEST. The current cash rate is at a record low of 2.5%. Commentators such as Michael Pascoe have mentioned the improved global conditions since last month's decision as well as domestic conditions remaining similar. The availability of credit and housing pickup are also discouraging another rate cut, with the only factor favouring a cut being the rise in the AUD due to the Fed's non-taper. HSBC Chief Economist Paul Bloxham said while rising housing prices are a necessary part of the rebalancing of growth that the RBA is hoping will occur, they would be worried if housing prices accelerated too much. (VIEW LINK)
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