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We used to have rate hikes. But that was a decade ago.

For 10 long years Australia has seen the Reserve Bank (RBA) move in one direction only. Rates reached a peak of 4.75% in November 2010, and stayed there for a year before the first cut in November 2011. We've been cutting now for nine years -- and rates are not expected to rise for another three years at least.

Back in November 2010, the RBA was facing inflation of about 3% -- rate hikes were arguably justified. Now, macroeconomists can't find inflation anywhere. They would love for a bit of wage inflation and a bit of price inflation. But all around the world, it's out of reach.