Graph 1  Communication about monetary policy It is in that context that the Board has left the cash rate unchanged at 2.5 per cent for almost a year now. 6  4  For an insightful treatment of the previous booms, see Ric Battellino’s speech “Mining Booms and the Australian Economy” (2010).
BIS central bankers’ speeches  For rates to have been stable for this long isn’t unprecedented. But since markets and media commentators find the idea of masterly inaction neither appealing nor interesting, this has put more focus on communication. The Bank’s language has evolved, given the passage of time and the flow of new information.