After delivering 50 basis points of easing since early May of easing, it was always likely the RBA would leave the cash rate unchanged in September.  This is what happened yesterday, in line with expectation among the great majority of market economists. While this was Glenn Stevens' last Reserve Bank board meeting, no-one suggested that the occasion distracted the Board from its OCR task. Likewise do not expect any meaningful change to the Bank's near-term policy outlook when Philip Lowe takes over as Governor on 18 September, and chairs the next rates decision on 26 October. Small Business Ombudsman Kate Carnell has clarified "misconceptions" about what powers she has outside of her inquiry into alleged unconscionable behaviour towards small business customers by banks. The Australian reports she has been busy telling MPs she cannot stop the banks from foreclosing or repossessing assets. Her "Royal commission-like powers" are to compel a person to appear before hearings and to force banks to produce documents. The ombudsman was called on by the government to "forensically examine" unacceptable conduct by the banks in a bid to neutralise Bill Shorten's calls for a banking royal commission.