OCR left unchanged

Reserve Bank Governor Graeme Wheeler, issuing his first quarterly Monetary Policy Statement this morning, has left the Official Cash Rate unchanged.

He was widely expected to hold the rate at its current record low of 2.5 percent, so the focus today will be firmly on the accompanying statement and how the bank's view of the economic outlook has changed.

In particular, economists are looking for evidence of a higher level of anxiety at the central bank about the housing market.

Westpac chief economist Dominick Stephens said earlier this week that the Reserve Bank had long taken a sanguine view, calling the pace of house price rises "modest" and predicting the market would soon cool.

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