James Thompson

It must be frustrating as you say, but it's one of those things where it's just in reach.

Finally, you know, you can almost put your hand on the engine of the plane, but now it's just slipped a little bit further out of view.

I think Qantas' demand for international travel still looks pretty robust from what we can see.

They're not going to have any problems filling planes, but this is a bit of the next chapter for them, so they'll be keen to get it started.

Oh, well, look, headline inflation went from 4.6% to 4.2%.

That sounds good, doesn't it?

Sounds great.

Until you start looking at the detail, of course, and that had a lot to do with the cut to the fuel exhaust, which we don't pay for now, but our kids and our grandkids will pay for it.

Forever.

In forever, that's right.

And I guess the bad news was that underlying inflation actually ticked a bit higher, 3.4% up from 3.3% the month earlier.

Anthony, these inflation numbers are important, but it's all coming.

We really are only now starting to see...

the effects of the energy shock created by the Iran war coming through, higher plastics prices, higher food prices, all that sort of stuff, it's still to come.

And I think it'll still roll out really across the balance of the rest of this calendar year.

So I don't think anyone in the RBA headquarters in Martin Place in Sydney will be celebrating.

They still have to be really watchful.

And I think there's still at least one more rate hike to come.

Oh, it's massive.

Yeah?