The Opposition leader, Tony Abbott, brought politics to the pulpit today with a reading of the Judas betrayal at the annual church service in Canberra attended by MPs and Senators to mark the opening of Parliament.

Mr Abbott — a devout Catholic and former seminarian — delivered John 13:1-11 directly after a reading given by the Liberal turncoat and new Speaker, Peter Slipper, which appeared to carry a pointed message for those who deal in the darker arts of politics.

The passage recounts Jesus washing the feet of his disciples at the Last Supper after Judas had made his pact with the devil to betray the messiah

While Mr Slipper's defection has given the Labor Government an extra vote in the House, he made it clear he would not use his casting vote to benefit either side of politics.

"It is my intention to follow the principles set out in House of Representatives practice, that is that the Speaker should always vote to allow further discussion," he said.

"Where no further discussion is possible, decisions should not be taken except by a majority and the casting vote on an amendment should leave a Bill in its existing form."

He also told MPs he would not necessarily warn them before ordering them out of the House.

"I look forward to working with all members to do my best to ensure that the House fulfils what we all know are the reasonable expectations of the people of Australia," he said.

Ms Gillard brought Question Time to an end just after 3:30pm in accordance with the rules, but also after only eight questions and little more than 30 minutes.

In the resulting outcry Liberal frontbencher Joe Hockey had the dubious honour of being the first MP this year to be thrown out for an hour.

http://www.abc.net.au/news/2012-02-07/slipper-sets-rules-of-engagement-as-hostilities-resume/3816034?WT.svl=news0

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Governor Glenn Stevens summed up its thinking in his statement.

"Interest rates for borrowers have declined to be close to the medium-term average as a result of the actions of the board's previous two meetings," the statement said.

"With growth expected to be close to trend and inflation close to target, the board judged that the setting of monetary policy was appropriate for the moment."

Translated from central banker to English, Mr Stevens is saying 'why would you cut rates further to below-average levels when the Australian economy is still growing at its average pace?'.

One reason would be if things were getting worse overseas and foreshadowing tougher economic times in the future at home.

But the opposite has been true in early 2012, with the European Central Bank's injection of money into the continent's commercial banks helping to shore up the region's financial system and fuelling a boost in share prices early in the new year.

http://www.abc.net.au/news/2012-02-07/rba-decision-shows-confidence-in-economy/3816438?WT.svl=news2

The Reserve Bank's shock move to leave its key cash unchanged served as rocket fuel for the Australian dollar, propelling the currency to record highs.

The dollar leapt to as high as 82.38 euro cents - a record against the euro zone currency. It also touched 68.3 pence, a 27-year high against the UK currency, and it reached a six-month high against the greenback of $US1.081.

“We saw a sharp jump (after the RBA announcement) and we expect that to be extended in the offshore session,” said ANZ currency strategist Andrew Salter. “Given the tone of the statement and the decision not to cut, we would expect the Australian dollar to be well-supported overnight.”

Read more: http://www.smh.com.au/business/markets/rba-surprise-puts-dollar-on-record-course-20120207-1r3tp.html#ixzz1lhHcjJGu

Of course, one thing the RBA should be very concerned is that a strong dollar is a weapon against Australian manufacturers... The low interest rates in other countries such as he US and in Europe act as a form of protectionism for their industries... There is more to it than mere "our economy is doing fine"...