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well there is a school of 'hike until something breaks ' 

 so far as i can tell  , nothing has broken in Australia , yet

 there are signs of breakages sprinkled elsewhere around  the globe , so there is still contagion risk  , and things are uncomfortable in many places in Australia to be sure  , but banks are restructuring at their pace , the construction industry  is hurting  but not in collapse .

 is the RBA hoping  that conditions elsewhere  will take the inflation pressure  away from Australia

 we would have been better situated  with a stronger manufacturing base  , but here we are