It was April Fool’s Day, and the joke was on those thinking we were at the start of a rate-cutting cycle. The RBA board and the governor, Michele Bullock, made it crystal clear they were not even contemplating a series of rate cuts. They didn’t even discuss a rate cut at the board meeting. The decision to keep rates steady was unanimous.

The February rate cut was a one-off adjustment, a sacrificial lamb to the mob. A price that had to be paid to get people off the RBA’s back and let it get on with the job of returning inflation to target.