Nick Goodall

over that genuine period of time either through to understand what's actually happened in December January you know halfway through February how has this you know economy come back how have people come back to the new year with their expectations on this economy on their jobs and everything else too so it does feel like yeah there's a lot of patience in there as well um like like you said I

I think that's a good point that they continue to talk about the fact there's spare capacity in the economy.

And that's why they're happy to keep it sort of the accelerator on the economy, I suppose, if you think about that with the OCR remaining below that neutral position of around about 3%.

So, yeah, I think it's a pretty good summary, mate.

I mean, maybe worth noting, the vote, of course, was unanimous.

No surprises there to hold it.

um everyone expected that i recorded our monthly video in advance of the decision and was confident enough to put on video that uh the ocr was held before it was even decided so would have been in trouble if something changed or we had to go back and record that but uh yeah that's i think just shows how clear it was that you know we weren't going to see any fall and and there was no way they were going to lift it this early either i i think as well like we say with that forecast of the official cash rate and when that lift will be

certainly reaffirming it's likely to be later this year than maybe what they said three months ago.

But I do think it was a firm push back to market where some analysts had brought their forecast that it might be as early as September that we see an increase to the OCR.

This shows that they don't really expect that to happen.

They want to push back on that market expectation.

So I think that's been an important insight from this one as well.

Yeah, I don't know if I've got too much else there.

I don't know if you touched on the house price growth there, that they did actually have some numbers in there showing, yeah, they expected a bit more weakness to come through in the first three or six months this year, including some declining prices, which would continue what we saw in the first month of this year, albeit very gradually.

That might be a little bit pessimistic in my mind, but hard to argue with that.

But a bit of growth coming back in the second half of the year.

I think that's what we keep talking about, right, is that

We're going to likely see some growth.

There's reason to think there's some value growth to come through for the property market.

But with every month, with every bit of data, we sort of tend to push that expectation a bit further down the track, a bit further down the year.