So it's worth spending a bit of time discussing the inflation result, what is likely to be reported, and what it all means. Firstly, here's the back story...
Annual non-tradables inflation - which one might take to be a reasonable proxy for domestic price pressures - fell to just 1.7 per cent in March 2016.
That's the weakest result since before the Sydney Olympics, when TLC was number one with "No Scrubs" (chart-topping singles being the default measure for things that happened ages ago, of course).
In other words, there has been plenty of spare capacity in the labour market, wages growth has been slow, and price pressures weak. The flagging red line in the chart below tells the story.
But as the blue line in the chart above shows, that basically ain't happened, and the dollar has actually been pretty much stable for the past year now, with the odd wobble.
The market forecasts headline inflation of 0.4 per cent for the June quarter, which would take the annual headline result all the way down to just 1.1 per cent, well below the Reserve Bank's 2 to 3 per cent range.
Remember that from its mandate the Reserve Bank of Australia has:
And indeed 24 of 25 surveyed economists do believe that this will transpire, in turn potentially supplying a massive boost to asset markets as cash in the bank delivers even lower returns.
Certainly the last paragraph of the Minutes of the July meeting suggested that the door has been left open for a rate cut.
In the year to March the inflation picture was mixed, but generally soft.
It's been argued that overdue supermarket competition from cost-cutting Aldi has contributed to lower food prices, but Aldi surely can't explain the weak inflation across so many sectors.
A key point of note is that the Reserve Bank expects an underlying result of 0.5 per cent in June. So if Westpac is right, then the RBA may be moved to act on August 2.