While everyone was busily watching the interest rate decision, the Reserve Bank of Australia released its Index of Commodity Prices for July, which showed a 4.1 per cent jump in the month.
Australia's key commodities are iron ore, coal, and increasingly LNG (which means that depressed oil prices are really a negative for Australia, despite cheaper fuel prices for consumers).
The iron ore spot price has moved more than 40 per cent higher year-to-date, although to date the bulk commodities index based on export price movements hasn't rebounded so strongly.
In SDR terms, the commodities index jumped 4.1 per cent higher in July. Using spot prices, the index tore 8.3 per cent higher in July, to be 3.5 per cent higher over the year.
In Aussie dollar terms the index rose by 1.1 per cent, having increased by 3.6 per cent in the June quarter.
A nice bounce over the last seven months - with the index in Aussie dollar terms up by 8.3 per cent over that time - which would be great if sustained.
There is still a lot of downward pressure on iron ore and oil prices, though.