As correctly anticipated by Westpac, housing price inflation - largely construction costs and rents - was soft at just 0.4 per cent in the June quarter, and up 1.3 per cent over the year.
Annual rental price growth declined to its lowest level since 1994, which is pretty much what one would expect following the surge in investor activity and construction.
Since these annual figures are both well below the 2 to 3 per cent annual range, economists think that it's a dead cert that the cash rate will be cut next week to a record low of 1.50 per cent.
Firstly, the unrounded core figures were at least a bit less limp this time around than last quarter, at 0.51 per cent and 0.41 per cent respectively, while the seasonally adjusted "all groups CPI" result was 0.55 per cent. So there is some inflation, even if it is still soft.
As a minor point of interest, thanks to the power of compounding consumer prices are about 29 times higher than they were at the beginning of the data series.
Meanwhile Sydney unit prices jumped by +2 per cent in the month of June alone to a record high of $704,000.
Yeah, I know, it's not a house price targeting central bank, got it...
On housing, the Reserve Bank's own Minutes make reference to a slowing in total lending with housing credit growth softening, as well as the considerable amount of dwelling construction yet to be completed.
Admittedly, therefore, overall this implies a looming rate cut.
Throw in weaker business lending, commodity earnings, and wages growth, and the case becomes more compelling again.
One might just pitch in that record low interest rates could add to even more high-rise apartments being constructed, but the lowest rates on record are bound to come hand in hand with some market distortions.