For sure, this is not a major increase, but nevertheless it is an increase. Moreover, it makes no sense to judge the results to date without considering the prospects for the future.
Again, the key point is that interest rate cuts do not instantaneously impact the economy and markets - monetary policy takes time to work. This is particularly so with regards to construction - projects can take a good deal of time to be approved and financed, they do not simply appear overnight.
If construction levels haven't picked up by August 2015, then I would have to concede that the RBA's plan may be doomed to failure, but it's too early to write it off given that rates have still been falling.
Reported Sydney Morning Herald: