The Reserve Bank of Australia has more to worry about than just inflation this week

Among the many issues the Reserve Bank of Australia considers at its meetings, changing the face of monetary policy should become a focus of long-term thinking.

For now, last week’s second-quarter inflation data appears to have silenced the last shrill chorus of inflation hawks calling on the Reserve Bank to raise rates. Third-quarter inflation data may even be flat, given generous electricity subsidies from federal and state governments.