If they take out the mining expenditure from the economies statistics. I would be very suprised if we are not in a recession. It really isn't very funny, when we should be riding the crest of the China wave, why am I in cash.
I suppose this is the problem when you are using a one sided tool to fix a multi faceted problem. Just relying on the RBA and interest rates, rather than applying different tax measures, ends up with everybody coping it.