It's just one phrase in the latest board minutes but, given the restrained language of central bankers, it leaves no doubt about the role of Joe Hockey's first budget in subduing the economy.

Sitting around the table two weeks ago, the RBA board members decided the budget's impact on the economy over the next "couple of years" would be similar to previous episodes of fiscal consolidation. However:

Subdued: The RBA expects interest rates to stay on hold 'for some time yet'.

"Beyond that horizon, the budget implied a more substantial fiscal consolidation than had earlier been projected."

While the politics and general commentary remain consumed by the details of this or that individual policy, the RBA is concerned about the big picture impact on the economy – and that, along with resources construction falling away, is keeping interest rates steady "for some time yet". I'd suggest "some time" has become longer since the budget.