With another cut expected on Tuesday, it's clear we have lost the monetary exceptionalism so championed by Reserve Bank governor Philip Lowe in his first couple of years in the top job.

Even after two consecutive moves in June and July, Lowe continues to talk down the usefulness of monetary policy. In a speech in late August at the annual central bank conference in Jackson Hole, Wyoming, he warned that looser policy risked achieving little but higher asset prices.