The Reserve Bank of Australia's summarises macroeconomic and financial market trends in Australia and provides some information about developments for the country's main trading partners.
You can check it out from here:
Its 35 pages of graphs, I pulled out just these 3 on inflation.
Based on these it does appear the RBA has a lot more work to do. Bringing inflation into its target band (in a nutshell this is 2 to 3%) is one of only two jobs the RBA has (according to its mandate, the second leg being full employment).
I posted earlier this week on the rate hike path outlook for the RBA: