If the RBA wanted to see a dwelling construction boom, then that it what it is getting.
AIG's PCI construction index boomed to a 9 year high reading of 59.1 up by an impressive 4.1 points in the month and way above the expansion/contraction reading of 50.
It's little wonder that the cash rate has fallen no further, since in clamouring for market share the banks are doing much of the heavy lifting in the RBA's place. This makes mortgages easier yo service, pushes house prices higher (which in turn encourages construction) and increases consumer expenditure.
With the threat of consumer price inflation apparently receding interest rates look set to be hold for some time to come.