Be veeeerrrrrryyy, very careful, Gobbo:-Tell me again how...

Be veeeerrrrrryyy, very careful, Gobbo:-

SYDNEY, Australia - Australia's central bank bought a total of 1.88 billion Australian dollars ($1.53 billion) in securities Thursday to shore up a daily deficit of A$1.84 billion ($1.49 billion).

The net injection comes a day after the Reserve Bank of Australia stepped up its fight to support market liquidity with a net injection of A$2.75 billion ($2.23 billion) _ its biggest one-day intervention since Sept. 12, 2001.

The central bank has been attempting to counter ongoing concerns of a credit crunch in the short-term money market, which has been rocked by the U.S. subprime mortgage crisis.

Macquarie Bank senior economist Brian Redican said the injection highlights that the RBA isn't removing the excess liquidity currently in the market.

"If it was a return to normal conditions, then they would be draining that excess liquidity and going back to an exchange settlement balance of around A$700-800 million in the system," he said. "After yesterday's very large injection, which they are basically leaving in the market, it suggests they are still a little uncomfortable with how the interbank market is operating."

http://www.cnbc.com/id/20401026/for/cnbc/

Tell me again how Australia isn't America and how the subprime fiasco has nothing to do with us.