Spot on JimmyD75, but my thinking is that we are now in unchartered waters. We just don't know how high the RBA will have raise interest rates because of what has been done in recent years regarding monetary policy.
Here is is from the horses mouth:
Unconventional monetary policy in Australia
While the GFC had motivated the introduction of unconventional monetary policies in various countries, Australia was less affected than other advanced economies; it was able to deal with that crisis by using the policy rate as its principal tool and providing adequate liquidity to the financial system – that is, it conducted conventional monetary policy.
However, the emergence of the COVID-19 pandemic became an economic event of extraordinary scale across the world. In response to the economic effects of COVID-19, in March 2020, the RBA implemented unconventional monetary policy measures in Australia for the first time. In November 2020, the RBA announced further unconventional monetary policy measures to support the creation of jobs and the recovery of the Australian economy from COVID-19.
