It is unlikely that the RBA will abandon its neutral preference stance anytime soon

According to reports from Golden Ten, Stephen Miller, an economist at fund management company GSFM, said that unless Australia’s first-quarter inflation data released on April 24 has a clear downward surprise, it is difficult to see the Reserve Bank of Australia abandoning its neutral preference stance in the short term. Inflation data remains crucial and the RBA wants to see at least second-quarter CPI data, scheduled for July, before deciding to cut rates, making August the earliest possible date for a first rate cut. A rate cut in August would require inflation to fall at or better than the central bank's current forecast and unemployment to fall at or below the central bank's current forecast.