RBA should be clearer about when and how interest rates will change

I think the author raises some good points and some broad forward guidance would be useful (obviously the RBA can't be too specific about its future decisions because it still wants to be able to weigh up economic conditions at the time it makes the decision and no be straightjacketed by prior commitments and the market will price in changes if they are seen as likely).

As it currently works, the banking industry and economists pour over the wording of each monthly RBA statement, looking for changes (often the wording barely changes month to month) and trying to parse specific meaning out of vague comments about changing conditions, which I guess acts as informal forward guidance!

They may be concerned that if they announce what they are thinking it may lead to the collapse of the real estate pyramid. I could of course be wrong.