[T3rminator]

Sounds like the folks who aren't very good at making forecasts, aren't very good at interpreting data either. That or they were just batting for the blue team.

https://www.abc.net.au/news/2023-02-...tion/102020610

One of the biggest decisions the current board has made in recent times was the unveiling a 0.25 percentage point rate hike in May 2022, taking the cash rate from an historic low of 0.1 per cent to 0.35 per cent. It was the first time the central bank had raised rates since 2010.

A key part of its justification was that there was evidence of strong upwards pressure on wages growth.

Close to a years' worth of official data now shows that evidence was misleading — wages were not rising to any great degree.

.............................

The Consumer Price Index (CPI) for the December quarter rose 1.3 per cent, bringing annual inflation to 3.5 per cent.

To be clear, before the Reserve Bank made any move on interest rates, inflation was already well outside the bank's own target band of 2 to 3 per cent.

The RBA eventually decided to lift the cash rate at its May meeting, several months after inflation showed signs of being a problem.