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That note from Westpac Group chief economist Luci Ellis was interesting for another reason, because she talked a bit about the changes that will occur in the world of economic data-analysis in the aftermath of the institutional changes that are taking place at the Reserve Bank.
If you remember, in the wake of last year's RBA Review, the Reserve Bank Board has starting meeting eight times a year (rather than the traditional eleven), and the RBA governor is now holding press conferences after every monetary policy meeting to explain the Board's latest thinking.
The Bureau of Statistics has also been publishing experimental inflation data every month, on top of their regular quarterly inflation data, the quality of which will improve over time as the monthly series continues and its dataset grows.
Ms Ellis says these changes mean there's going to be a "new operating rhythm" to data releases and potential rate cuts:
"In the old 11-meeting timetable, it was usually assumed that the months that the RBA published a Statement on Monetary Policy (SMP) – February, May, August and November – were good months to move [interest rates]. In those months, the Board had new inflation data and fresh forecasts, as well as the SMP to explain the decision more expansively.
"But the inflation data say more about where inflation has been, not where it is going. And as the monthly inflation indicator improves, the information value of the quarterly CPI release diminishes.
"Assessing the inflation outlook instead requires information about its drivers, including labour costs, productivity and the balance of demand and supply. The September meeting, along with the other non-SMP meetings, come more into play, because it is ahead of these meetings that wages and national accounts data become available.
"In addition, the extra value of the SMP for explaining the Board’s decisions is reduced now that the Governor will give a media conference after every meeting.
"Under the new operating rhythm, all meetings are in principle equally good opportunities to move."
So that's something to wrap our heads around.