"Over the course of a cycle" allows A LOT of wiggle room for the RBA.
Anyway, the inflation data for the October to December quarter of 2021 published by the bass:
Headline +1.3% q/q and +3.5% y/y
- expected 0.1.0% q/q, prior 0.8%
- expected 3.2%, prior 3.0%
Core inflation: Trimmed mean +1% q/q and +2.6% y/y
expected 0.7 % q/q, prior 0.7%
expected 2.4% y/y, prior 2.1% (RBA Dec. SOMP expectation of 2.25%)
Core inflation: Weighted median +0.9% q/q and 2.7% y/y
expected 0.7% q/q, prior 0.7%
expected 2.3% y/y, prior 2.1%
AUD/USD marked a few points higher. I don't see any smoking gun here to trigger an RBA rate hike at next week's meeting. Core inflation within its target band is not going to fluster the RBA - if anything they'll explain it away due to supply chain disruption.