Dwelling construction, which is supposed to fill that forthcoming 'hole' in our national accounts, has increased over the year to June, but only by around 4%. OK, that's an improvement but it's hardly likely to represent a smooth baton-change.
With the dollar stubbornly back up to nearly 92 cents, inflation expected to remain benign and growth looking set to remain sub-trend for an extended period of time - in the normal course of events - you would have to think that another interest rate cut is on the cards to just 2.25%.
Barrier to a rate cut?
There is one thorny issue, though.
Property commentators are continually guilty of placing way too much emphasis on the property markets when it comes to monetary policy, but for once, dwelling prices may indeed have a key role to play.
According to RP Data, median dwelling prices are up ~6.5% q/q in Sydney and ~6.3% q/q in Melbourne.
I have no doubt that the Reserve Bank had hoped for a pick up in house prices in order to avert a more dramatic economic downturn, but if that level of price growth continues another rate cut would seem imprudent.
So, it seems as though we are back to where we were.
The RBA will sit pat for the time being and in the time-honoured spirit of the eternal optimist Mr. Wilkins Micawber, hope that "something will turn up" such as increasing commodity prices or a strengthening US dollar.