With the most recent Consumer Price Index figure coming in at 0.7 per cent, meaning the annual figure through to September was a rather anaemic 1.3 per cent, it was no surprise the Reserve Bank of Australia's Melbourne Cup Day decision was to keep interest rates steady.

Ideally the RBA would prefer to be tightening rates but with inflation still stuck well below 2 per cent and wage growth stagnant despite already record low interest rates, it does not have much room to manoeuvre.