The surprise supersized rate increase in New Zealand showed its determination to quash inflation, unlike the RBA which is more concerned about a hard landing.
The $A and bond yields bounced after a robust jobs report, but global financial system worries prompted investors to reduce the chance of a rate increase.
The Australian sharemarket has posted its second-best start to a year in at least three decades as optimism grows inflation will peak lower than forecast.
Home owners can expect house prices to stop falling mid-year, but only after the Reserve Bank of Australia ends its fastest monetary tightening in 30 years, and they will have to wait longer before property prices start rising.