Nice to see that the Reserve Bank Board has indicated that there may not be further rate rises in the immediate future.
The minutes of its May 4 monetary policy meeting (released this week) show that while members of the Board judged it "prudent to undertake some further monetary tightening at that time", they noted that, if lenders responded as expected to another rise in the cash rate, interest rates faced by most borrowers would then be at around their average levels over the past decade.
If this were the case, members felt that "this would leave monetary policy well placed for the present", the minutes show.