• The Reserve Bank of Australia decided to leave the cash rate unchanged at 2.25 in March.  
  
  
• When we expected two rate cuts in February and March back on December 4 previous year we expected that for such a significant about turn in policy the Bank would have been comfortable with consecutive moves. Since the February move we saw no compelling reason to change that view. That view has turned out to be a misjudgment. 
  
  "It appears that the RBA Governor has adopted a strong easing bias, effectively indicating that another cut can be confidently expected over the next month or two", said WIB IQ in a report on Friday.