Westpac's response is tepid indeed (and on point):

Headline to their note reads:

  • Drought, weaker AUD & recovering dwelling prices are only just lifting Australian inflation.

Which pretty much sums it up yeah.

Further out:

  • Despite some AUD pass-through, and the recovery in dwelling prices, inflation is below the target band. While the headline rate may drift into the band in 2020, it is likely to be transitory and the core measures will remain below.

Westpac removed their call for a febr February rate cut from the rbaa Reserve Bank of Australia last week.

Meanwhile, from JOP Morgan today:

  • forecast an RBA rate cut in May (were in February also)