With rates at 0.75 per cent and perhaps set to fall even further in coming months we head further into uncharted territory.

Will easier policy even make much of a difference to the economy? Is the Reserve Bank tilting at windmills with its determination to get inflation back above 2 per cent in a world which is, in the governor's own words, less inflation prone? Is the resurgent housing market an omen of the future downside of extraordinarily easy money?