Thought we were on track for a rate cut? For now, the RBA says it’s time to come back to earth

Space Odyssey’s HAL became a threat to humans but we shouldn’t be so afraid of the RBA’s MARTIN. Photograph: Landmark Media/Alamy

MARTIN, the Reserve Bank’s macroeconomic model, may not quite approximate the rogue HAL 9000 computer of 2001: A Space Odyssey. But stressed-out mortgage holders can probably relate to astronaut Dave’s vulnerability to a machine.

After all, didn’t inflation plunge to a two-year low in the December quarter to 4.1%, heading for the RBA’s 2%-3% target range?