The likelihood of the RBA raising interest rates has fallen. Have we finally come to our senses? | Greg Jericho

The latest inflation figures have put off the expectation of another rate rise until early next year – unless we look for an excuse for the RBA to move earlier Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast The June inflation rate of 3.8% ended any real prospect of a rate rise next month, despite investors assuming the Reserve Bank would rather raise rates than not. There is a certain ghoulishness when it comes to economics and especially inflation. A “good” number will inevitably be dull news, whereas a bad number – one that is higher than expected or just higher – can lead to all manner of gnashing of teeth and wailing as the topic quickly shifts to interest rates. The linking of things to interest rates is not limited to inflation. Last week the June unemployment figures notionally showed unemployment had remained steady at 4.4% but when you scrapped back some of the rounding, it actually rose from 3.37% to 3.43%: The underemployment rate rose from 6.3% to 6.5%, which meant that the underutilisation rate – the total percentage of people in the labour force looking for a job or for more hours – rose rather steepl