Scott Morrison Coalition encryption
(Image: AAP/Mick Tsikas)

"1080" is a notoriously noxious poison for rabbit bait that has now been abandoned because of the collateral damage it caused to other wildlife. After yesterday's retail sales figures for September,  it's clear a different kind of poison by the same name has claimed some new victims: what's left of the Morrison government’s economic credibility, and the Reserve Bank's reading of the economy.

The $1080 tax refund, coupled with the Reserve Bank's interest rate cuts, was going to save a stagnant economy. It was a "political masterstroke" lauded by the press gallery -- remember all those column inches obsessively devoted to dissecting how Labor was wedged on it? -- and an economic marvel that was compared by some to the Rudd government's GFC-era stimulus.