Nick Goodall

And that's obviously not a good thing.

And that's what the Reserve Bank is tasked with, is to keep that, as you said, I think that word's so important, medium-term inflation.

under three percent between one and three percent band right at the moment that's not there but i think the important thing with like he's talked about being able to look through that headline figure to the stuff that hopefully is the stronger influence the way things are trending and that gives you a feel for where things are heading the medium term you know that's where it's important because that's what the reserve bank are going to look for because they're not going to panic they're not going to see one result and go 3.1 we must increase the ocr like it's just not that reactive

And that's where I think the core stuff matters because that's what leads you to a position to go, well, can we look through this?

And so I think that's the important side.

Now, the economy is the interesting part here too, right?

Because the economy, we have seen some tentative positivity come through.

We're starting to see the economy improve.

So that's where the Reserve Bank would be happy because those OCR increases started to increase our economic standing.

But they can't do that at risk of seeing inflation grow too much because too high inflation is not good for anybody.

It hurts you in the pocket.

It's going to eventually weigh on the economy as well.

So I do think it's a really important conversation.

I think we finish this chat on the OCR expectations because that's where everyone's mind straight away went.

That's where the articles go.

That's where the economists talk as well.

And absolutely, your point being that Reserve Bank's forecast was that there'd be no OCR increases this year.

Of course, like you said, they don't update their forecast as frequently as everybody else.

They're big economists.

Some of them already had one coming in December.