Publicly announced interest rate decisions only started in 1994. Back then, we treated them with the same reverence as a State of Origin match. But over the years, the cash rate has proven to be a blunt tool for managing our economy – a tool that’s as indiscriminate as a toddler with a paintbrush. Plus, remember that old joke that economists have predicted nine of the last five recessions – predicting the economy is harder than footy tipping.

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Before you curse the Reserve Bank to whoever is listening, let’s remember that any future rate cut is unlikely to bring down the cost of living.

Perspective No.2 is that our economy is doing just fine. Unemployment remains at a record-low 3.8 per cent, with wage growth outpacing it. A decade ago, unemployment was closer to 6 per cent, we were recovering from the Global Financial Crisis, and when I took a walk in the CBD there was no one drinking margaritas mid-week despite them costing 60 per cent less. The economy is as tight as a drum, people are still spending and our productivity is nothing to be proud of. None of these factors are conducive to low interest rates.

Which leads me to perspective No.3 – that our economy is complex and challenging to navigate. We are seeing more onshoring and protectionism as both businesses and governments rethink global supply chains. Indeed, Labor’s Future Made in Australia vision involves billions in government subsidy funds to produce vital things like solar cells locally rather than relying on China.

There is also a surge in bureaucracy, with green and red tape tangles everywhere you turn. Artificial Intelligence is poised to revolutionise and disrupt most industries, and the demographic shift means our once youthful and enterprising population is ageing. Productivity isn’t picking up the slack, and complacency is creeping in – like another drunk pest – with the expectation that someone will always provide a safety net.

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Enough with perspectives. Here’s the reality. The 10-year Australian bond rate is about the same as current short-term rates, keeping things pretty steady in the economic playground. So don’t bank (or borrow!) on any meaningful fall in rates unless you’re also wishing for a weaker economic environment.

Much like the price of dinner, the economy is ever-evolving. So, next time I’m asked what will happen to interest rates, I’ll remind whoever’s listening of what I know for certain: the tax cuts are coming. But maybe don’t spend it all on $25 margaritas.

Jaki Virtue is chief operating officer of Soul Patts.