Are you surprised? The RBA seems quietly confident about policies in place in Europe and consumer sentiment here in OZ is on the up again. Personally, we think things are tracking quite positively and we don't get too caught up in the doomsayers.
A cynic might think that the banks are relieved there was no reduction in interest rates, after all, they would have been under pressure to reduce them quick smart. So what do they do, increase instead suggesting their funding costs are higher! How does CBA reconcile a $3.6 Billion half year profit with higher funding costs? That needs some explaining!
It's a good time to get a mortgage broker to take a look at your loans - make sure you're getting the best you can. It's tougher at the moment to borrow money, you need to be prepared to do quite a bit of groundwork. But that's not to say that it isn't competitive.
Make hay while the sun shines we say.