Combined with the Reserve Bank’s September monetary policy committee statement and governor Reserve Bank’s speech at the Centre for Education in Economics in September, the Bank’s latest monetary policy review signals three things.

First, it believes inflation has peaked and is on its way down. Second, demand and supply dynamics and the medium-term growth outlook are balanced, so future interest rate hikes are no longer a given but will be data-dependent. Third, the Bank has resolved to correct a 20-year policy mistake and now wants to target a lower inflation rate of 3%...

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