It will come under 3% this year. Interest rates are a blunt ...

It will come under 3% this year.
Interest rates are a blunt instrument and they take time to work.
The ABS commentary points kind of points out things are going in the right direction. I suspect retail sales will falter and growth will remain anaemic
“The monthly Consumer Price Index (CPI) indicator in Australia stood at 3.4% in the year to February 2024, unchanged from the previous two months, and below market expectations of 3.5%. Still, the latest reading pointed to the lowest since November 2021, amid a slowdown in food prices (3.6% vs 4.4% in January). The monthly CPI indicator excluding volatile items and travel advanced by 3.9% in February, down from a 4.1% rise in January. Inflation remains outside the RBA's target range of 2-3%”