Commsec + Westpac, No change.

Interesting reading on the direction of interest rates from two of the big four with the RBA due to meet this week. Bill Evans suggests 50 bps drop by September (although uncommitted on when the drops will occur, certainly not this month) while Commsec expect a single cut in May only. With the Federal Government firmly standing by its budget surplus position, some would say a relatively small impact of previous rate cuts on construction, it does place the State Governments in a position to ramp-up assistance to the building industry.

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