The Reserve Bank has decided to leave rates on hold for this month. The RBA has taken the view of allowing recent large drops to run through the economy and gauge the effect of this stimulus before deciding what to do with rates in future.

It has also been said that our economy may be in the first signs of recovery or at least stabilizing. If they continued the large drops it would not give them much room to move in the event the economy needed more stimulus, so they are keeping some in reserve and waiting to see if the past rate drops have the desired effect.

The first two months of this year have been the most challenging that I’ve seen in some time – financial storms, rain storms, floods and fire storms. I must say the resilience and support witnessed in the Victorian bush fires has been absolutely amazing and a testimony to the spirit of all Australians. To anyone who has been directly affected, you have our full support and to those that have family and friends affected, our thoughts are with you.