You are not allowing for the 3 month lag effect between what the reserve bank does, and when that hits borrowers. As each new month goes by another 800,000 loan customers will be copping 3 times their last monthly bill. Discretionary spending disapears for them and some will be trapped in negative equity situations and have no prospects of swapping banks.
The 3 month lag also means a lag in unemployment rates going up. As both of these things kick you will get your expected falls - YOU and other simply expected them at the wrong time.
In addition due to a huge reduction in critical thinking skills across the population due to relaxed school standards the supply of idiots is greater than it used to be historically. This is why worthless cryptos can get a look in....
