'We still have an inflation problem', says NAB's Catril

Switzerland was able to pull the trigger because inflation sits well within the central bank's 0 per cent to 2 per cent target range, in contrast to Australia, where the measure remains well outside the Reserve Bank's 2.5 per cent mid-point goal at 4.2 per cent. Labour market challenges And it didn't help when Australia's unemployment rate unexpectedly fell to 3.7 per cent in February, just above a 50-year low of 3.5 per cent - the job market is a major driver of price pressures. "We believe the RBA will be on course to cut in November, but the resilience…