Via Terry Mccrann, RBA fogorn:

First the big points. The overall inflation numbers were low and unsurprising. They didn’t “demand” another interest rate cut from the Reserve Bank and the RBA will duly leave its rate unchanged at Tuesday’s meeting.

We’ve had two cuts in successive months and the banks have passed on most of the 50-point total. A third cut in a third successive month would “ring alarm bells”. It would also do bugger all — except trigger a bank brawl.

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