SCANT RECOGNITION OF TURN FOR WORSE
If there was a surprise in the statement, it was the scant recognition that the outlook for business investment has taken a turn for the worse.
To that point, the RBA just repeated the line that "the expansion in non-mining parts of the economy strengthened during 2015 despite the contraction in spending in mining investment."
That might be so, but the latest capital expenditure survey showed that both mining and non-mining companies plan to slash investment further in 2016-17.