So, can we expect the RBA to look at decreasing rates before the end of the year? Michele Bullock says “it depends”.

It’s all depended on the particular meeting. And I think what you’re referring to was the July meeting when we didn’t move. And I think at that meeting what I said was people were thinking the next move was probably down, but it was a question of timing. So they were sort of meeting specific comments, I think in that particular context, in terms of what people should expect now, I’m not going to give forward guidance.

I think I’ve said that a number of times, but what I would say is that today we felt given the evidence we had the were reasonably balanced, that there had been a bit of an upside surprise on some of the data, the inflation and the activity data. And I should say that’s good news. It’s good news that activity is responding.

So I don’t want anyone to think that’s bad news, but it just makes us think, well we’ve got another. It was a good decision today to hold. We’ll have more information available in November and we’re looking forward. We’re trying to see where this might take us in terms of inflation and employment. And then we can make a decision in November.

So we’ll make that decision in November about whether it’s down again or maybe it’s hold again. And if the economy is continuing to recover that’s really good news.