Nick Goodall

in terms of that medium-term inflation as well.

There's nothing to panic there.

So yeah, I think you could read all those things sort of two ways.

They've definitely stayed quite balanced on this.

They're showing some patience with wanting to see how things do eventuate.

I think it's an interesting time, right?

Like really hard to compare November to February.

A lot happens in that time, but you don't necessarily get enough data

over that genuine period of time either through to understand what's actually happened in December January you know halfway through February how has this you know economy come back how have people come back to the new year with their expectations on this economy on their jobs and everything else too so it does feel like yeah there's a lot of patience in there as well um like like you said I

I think that's a good point that they continue to talk about the fact there's spare capacity in the economy.

And that's why they're happy to keep it sort of the accelerator on the economy, I suppose, if you think about that with the OCR remaining below that neutral position of around about 3%.

So, yeah, I think it's a pretty good summary, mate.

I mean, maybe worth noting, the vote, of course, was unanimous.

No surprises there to hold it.

um everyone expected that i recorded our monthly video in advance of the decision and was confident enough to put on video that uh the ocr was held before it was even decided so would have been in trouble if something changed or we had to go back and record that but uh yeah that's i think just shows how clear it was that you know we weren't going to see any fall and and there was no way they were going to lift it this early either i i think as well like we say with that forecast of the official cash rate and when that lift will be

certainly reaffirming it's likely to be later this year than maybe what they said three months ago.

But I do think it was a firm push back to market where some analysts had brought their forecast that it might be as early as September that we see an increase to the OCR.

This shows that they don't really expect that to happen.

They want to push back on that market expectation.

So I think that's been an important insight from this one as well.