The October RBA meeting was the first outing of the new Governor, Michele Bullock.

Speculation on what she would do or say, or not do or not say, had reached fever pitch by the day of the meeting, with just about every well-known name in Australian economics freely offering their considered advice. But, alas, the whole thing was a non-event. Even those who ploughed through every line of the press releases could find nothing interesting.

A week later Assistant Governor Chris Kent gave a speech at a Bloomberg event on the ways in which monetary policy impacts aggregate demand,...