I really wanted to record this one for later use.
Measured by the official statistics, the Australian economy has been all over the place. We still have a looming boom, yet many aspects of the local economy are soft. Australia may not be in as bad a position as some other countries, but it's still confusing!
The Australian Reserve Bank has released two relevant papers that set out its views.
The first is the Minutes of the July 2011 Monetary Policy Meeting of the Reserve Bank Board released on 19 July. The second is The Cautious Consumer, a speech given by the Reserve Bank Governor.
I mention them now because I thought that it might be of interest to do a review of the bank's official thinking.