During the pandemic lockdown my girlfriend said to me "why would Kerry Chant care about whether you can go drinking at the pub." It's a bit the same with interest rates. Why would Michelle Bullock care if you're suffering from mortgage stress? Unemployment is still below 4%. Even if the economy's as flat as a pancake, why would the RBA cut rates when unemployment isn't a problem? With unemployment that low the only way they'll cut rates is if they think inflation is going below 2%, which isn't happening any time soon. Being an RBA board member is one of the easiest jobs in the world. When there are risks in both directions they used to have to front up once a month to say they weren't changing anything. Now they only have to show up every 6 weeks.
