First of all all of us has the same information the RBA has.
We know the disinflationary forces are at work. The trend has been there for a long time. ( Why oh why do we not have monthly CPIs that has all the data of the quarterly CPIs?)
The previous month we had a monthly CPI seeming out of whack with all the previous ones and inflation might be a problem. Last month's CPI showed that was a one-off probably an outlier. Essentially Bullock is saying she has no confidence in monthly CPIs
The labour market is not a problem. most of the growth has been in the non-market sector. Hence wages have never been a problem.
Although fiscal policy is stimulatory it is not that large.
The case is there to cut and cut now. I am of the opinion we go to the neutral rate ( say 2.5%) and then wait as the economy is not booming but stuffed because of interest rates.
The RBA has patently lost confidence in making decisions and therefore waits like all people ddo with no confidence.
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