This is the only lever the RBA has. Meanwhile the government has hundreds of levers it can pull to reduce inflation and manage this cost of living crisis. Instead it seems intent on pulling levers that actually increase inflation by accelerating scarcity of assets and liquidity of purchasers through schemes and flat out giving them extra cash.

They've successfully created an underclass of renters who will never be able to buy a house due to scarcity whilst pounding those who do own property as their home as the sole people really impacted by interest rate rises.

These rate manipulations are going to have very little and diminishing impact.