There might have been a change in management at the Reserve Bank, but new governor Michele Bullock has wasted little time making clear its vigilance regarding inflation remains undimmed.
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The message underlying the decision was unambiguous: under her leadership the central bank would continue to be "resolute in its determination to return inflation to target".
On the surface, the decision was hardly surprising. It had been widely anticipated by markets and economists and had an unexpectedly strong lift in inflation in the September quarter as justification.
But peel back the layers and it appears a much more line-ball and disputed proposition.
The factors favouring a hike included that inflation, though coming down, remains "too high" (particularly for services), that rising house prices and large savings are bolstering spending by some households and that the unemployment is expected to remain low.
Against that, though, is evidence that consumer spending has substantially weakened, that millions of households are under major financial stress, real wages are still going backwards and the economy is slowing and headed for a period of sustained sub-par growth.
And even while the central bank has been pondering its next move in the past month, global funding costs have been rising and banks have responded by raising their rates, effectively tightening financial conditions even without any move by the RBA.
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Add to this mix the complications and uncertainties thrown up by conflict in Ukraine, the Middle East, Africa and elsewhere, the uncertain course of the transition to renewable energy both here and abroad and the massive influx of arrivals to Australia following the end of the pandemic.
To take just a couple. Global oil prices were already rising before the Hamas-Israel conflict erupted, but concerns the fighting could spread have prompted warnings the cost of fuel could surge much higher. This would not only increase the expense at the bowser but drive up prices throughout the economy.
As many point out, raising interest rates in Australia does nothing to tackle that supply shock.
Closer to home, the jump in migrants and the knowledge, skills and energy they bring with them are a clear long-term plus for the country. They will not only make the economy more dynamic but will help ensure Australia has the workforce it needs to sustain growth and meet challenges like the energy transition.
But in the short-term strong population growth is very much a double-edged sword, adding to pressure on strained housing and infrastructure and fueling spending even as the Reserve Bank is trying to dampen it down.
In the current environment it also creates a thorny dilemma for federal, state and territory governments.
On one hand, they need to build the homes, roads, schools and hospitals the growing population needs. But such investment at a time when skills and materials are already in short supply also adds to price pressures.
Deloitte Access Economics lead partner Pradeep Philip laments that the latest rate hike was unnecessary and will be a source of regret by making it even costlier to undertake the productivity-enhancing investments the nation needs without doing much to curb inflation.
Obviously, Ms Bullock sees it differently, calculating it was needed to ensure inflation does not stay high longer than is absolutely necessary.
Time will tell whose call is right.