Rate review today

Mark your diaries.

The Reserve Bank board meets again today, to review interest rates.

The best guess, at present, seems to be that it will not increase them.

But it will certainly not cut them, either.

The 12 rate rises, announced so far, have certainly had the desired effect.

That is slowing the broad Australian economy.

And serious gas troubles, in Western Australia, probably will shave at least a little off the resources boom, that is expected later this year.

Detailed figures, that the Reserve Bank released yesterday, also suggest that rates are likely to be kept on hold.

They show that growth in housing credit, taken out both by private buyers and investors has eased, over the past year.

Business credit growth rates have also eased, from the very high levels seen late last year and early this year.

But they are still high.

Broad money growth, too,  is running at very high levels, though, touching 17 per cent in May.

That, alone, though, is not likely to cause the Reserve Bank to raise rates.

The outcome of the board’s meeting should be known about 2pm.

Watch this space