In the event, the ANZ-Roy Morgan zipped back up by another 4.8 points in the last week to 113.5, settling the argument.
That's close to where it was before the budget and back in line with the long run average.
Inflation print today
A very important data set ahead today being the June quarter Consumer Price Index (CPI) print.
The headline inflation figure currently sits at 2.9% and the core measures 2.6% and 2.7% respectively.
We're looking this morning for a reading of around 0.7% for June quarter core inflation, and thus 2.8% for the past year.
That would put the headline rate just above the target band, but partly for the reasons noted above and elsewhere on this blog, I still think interest rates may yet fall further.