The likelihood of the RBA raising interest rates has fallen. Have we finally come to our senses?

‘All the talk from the RBA has been how carefully they are looking for any signs that will require them to act to lower inflation.’ Photograph: Mark Baker/AP

The June inflation rate of 3.8% ended any real prospect of a rate rise next month, despite investors assuming the Reserve Bank would rather raise rates than not.

There is a certain ghoulishness when it comes to economics and especially inflation. A “good” number will inevitably be dull news, whereas a bad number – one that is higher than expected or just higher – can lead to all manner of gnashing of teeth and wailing as the topic quickly shifts to interest rates.