The RBA Governor is holding her presser and the press pack seems a little calmer than usual.

She opens with her statement which includes:

The board is focused on risks to activity and inflation in Australia. But there’s also a lot of uncertainty around the global outlook at the moment. One of things we’re cautious about is that policy unpredictability overseas could lead to slower growth. The implications for inflation here, though, in Australia, are less clear. The recent commentary from the Federal Reserve and other Central Banks is worth noting. They’re all conscious of the I will pact of global growth but uncertain about the medium term inflation implications. We’re not on our own in navigating this period of unpredictability.

So the board can properly debate and consider the risks for outlook for Australia, the team at the RBA has been working on a number of scenarios and we’re talking to our peers in other Central Banks – particularly other small open economies, to try to make sense of what is going on now and what we can expect in the next year or so.

We’re paid to worry, to analyse and to make judgements as new data comes in and as the environment evolves, and that’s what we’ve been doing and will continue to do. We’ve come a long way and it hasn’t been easy, but we have made good progress on bringing inflation down and keeping unemployment low. This is a good position for the economy to be in as we approach a period of uncertainty. But we have to be careful not to get ahead of ourselves. Inflation pressures remain, and cost of living pressures are still very real for many Australians. The board will continue to look at the data to assess if the economy and inflation continue to evolve expected.

Which suggests that far from being ‘home grown’ pressures as the Coalition is trying to make stick, it is the global uncertainty which has the central bank’s eye