A month or so ago, the RBA said it was going to be patient about inflation and wait to see wages growth before it hiked. It was no longer going to anticipate wage growth, it wanted to see it first to ensure it was sustainable.
Most of Australia’s inflation is still tradable (coming from offshore) or a temporary pandemic distortion (like rents) and will wash out in due course. Especially since there is clearly a global accident of considerable proportions building.
But, then along came the corporate media panic and the RBA folded like a cheap suit.
