The RBA left the cash rate on hold at 2.75% and there were only minor changes in the accompanying statement – references to household demand for credit starting to pick up and the welcome 10% currency depreciation since late April. The usual easing bias sentence appeared at the end and was unchanged in wording. This bias still looks a long way from action, but for markets the RBA is presiding over an extended period of very easy monetary conditions and looks set to continue in this mode through end 2013.