You would think after nearly three years of being wrong, the RBA might start to question its economics. But no

‘It is time for the RBA to truly focus on full employment rather than sticking to its outdated view that we need more people out of work to stop wages from rising.’ Photograph: PhotoAlto/Alamy

The decision by the Reserve Bank to cut rates on Tuesday was welcome and well overdue. While all signs point to more rates cuts to come, unfortunately the RBA remains wedded to the idea that we need more people to lose their jobs in order to keep inflation low.

You might have missed it, but the inflation fight is now officially over.