At first glance the statement accompanying the decision by the RBA to leave the cash rate unchanged at 2.00% looks very similar to the statement provided the previous month. Even the new comment relating to developments in China and Greece is relatively neutral, “despite fluctuations in markets associated with the respective developments in China and Greece, long-term borrowing rates for most sovereign and creditworthy private borrowers remain remarkably low”. What has changed in the commentary between June and July relates to details about spending in the Australian economy. In June, the accompanying statement included comments that “household spending has improved, including a larger rise in dwelling construction, and exports are rising. But a key drag on private demand is weakness in business capital expenditure in both mining and non-mining sectors and this is likely to persist over the coming year”.