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Photographer: Brendon Thorne/Bloomberg More The Reserve Bank of Australia is setting one policy for two very different economies. In the east,Sydney and Melbourne are seeing booming property prices and spiraling household debt; on the western side of the continent, housing and rental costs in Perth are falling as mining companies retrench. The upshot: interest rates arent likely to be going anywhere soon. Governor Philip Lowe and his board convene Tuesday for their first policy meeting of the year with markets and economists confident therell be no change to the 1.5 percent cash rate -- and could well be none for the rest of this year. Further clouding the picture is a renewed run up in the Australian dollar, reflecting a welcome spike in commodity prices. More from Bloomberg.com: Iran Carries Out New Missile Tests After Trump Imposes Sanctions The bank has always been very careful about setting interest rates for the average conditions of the national economy, said Stephen Walters, chief economist at the Australian Institute of Company Directors. Things are tough over in W.A. and similarly in Queensland. But in places like Sydney, growth is very firm, theres so much investment going on, unemployment is down and house prices are soaring. I find it hard to make the case for further rate cuts. The RBA cut rates twice last year -- in May and August -- in response to broad-based weak inflation.