- On the one hand, we still have inflation above target
- Services inflation is still elevated
- On the other hand, we are conscious that consumption is slowing
- And also tightness in labour market conditions is easing
- We can't rule anything in or out
- Need to be much more confident on inflation coming down to consider a rate cut
She's steering clear of calling it an outright pivot but this is similar to the first steps taken by the ECB and the Fed, before they started with more explicit guidance in communicating to markets about a rate cut. There isn't anything that I'm seeing that is markedly different in the RBA's approach.
