Soon after the Reserve Bank Governor Alan Bollard decided to leave the official cash rate unchanged at a level of 3%, many labeled it as a ditto statement under which he said a similar thing last month as well.

He said that as some of the domestic data has been looking weaker as compared to what the bank expected at the beginning but the economists took it as he was referring to the June quarter where in the GDP was much weaker than the bank and the host of other forecasters had predicted.

However, Bollard also said that as the outlook has been in line with the assumed time by the September monetary policy, the house caution has seen the spending activities at a low level.

However, the bank has remained very optimistic about the fact that the subdued sufficiently for the GST-driven spike in inflation will only have a limited impact on its expectations in the near term.

National Bank chief economist Cameron Bagrie is of a view that the move may signal a turning point in this regard as he detects a slight polite tone of the Reserve Bank in the statement made recently.