From 1 November 2011 to 6 August 2013, the official cash rate was dropped in stages from 4.75% all the way down to a new low of just 2.50%, where it has remained ever since.
A handful of economists continue to believe that the next move is still down, but notably this week Bill Evans of Westpac - a widely respected voice after he called previous cycles more accurately than the majority - switched his view to the easing cycle having now finished.
Although Evans still sees a few challenges ahead for the labour market, the consumer and business investment, he doesn't see anything to shake the RBA out of its comfort zone for the next 12 months.
The consensus view of the market now appears to be that rates will on hold for some time (perhaps 6-12 months or even longer) before the next move being up.
The case for further cuts is centred around falling mining capital investment in Australia, slowing industrial production in China and a further weakening in the terms of trade.
Of course, interest rate rises can often come more quickly and be sharper than consensus expects.
On the positive side of the ledger, exports of commodities are booming, and a raft of other data of late has been strong, including:
-retail trade growing at near double digit pace
-booming house prices
-shares close to 6 year highs
-house building approvals approaching record highs
-improved business conditions
...and so on. Inflation may also be looming in the wings.
The missing piece of the puzzle has been the labour market figures.
This month the ABS dartboard threw out a truly extraordinary number, showing the economy adding an unbelievable 80,500 full-time jobs, although the unemployment rate remained flat at 6.0%.
In fact, the figure was literally unbelievable.
It would be amazing were it true, but I don't believe for a minute that the economy really added that many jobs in a month.
In fact, nor does the ABS: it's a quirk of sampling and history shows that next month's figures will probably claw much of the gains back.
In summary, if we see a few consecutive employment prints then we should get set for a hike, but probably not before then.
As always, it only really matters that the Reserve Bank thinks, and today the Board summarised its position quite clearly - low rates should do the job, in their best estimates, but they'll need a bit more time to do so yet:
"At recent meetings, the Board had judged that it was prudent to leave the cash rate unchanged, while noting that the cash rate could remain at its current level for some time if the economy was to evolve broadly as expected.
Developments since the previous meeting had supported that assessment. There were further signs that low interest rates were providing support to activity, with improved economic conditions evident across a range of household and business indicators.
While the labour market was expected to remain subdued for a while and wage growth had declined, the Board observed that this was consistent with conditions in the labour market usually lagging changes in economic activity. "