The Reserve Bank's new monetary policy committee has chosen to mark its debut by jumping the gun.

The case for an official cash rate cut at this point is not as strong as the bank — and to be fair, many of the denizens of dealing rooms — evidently thought.

The case it makes is all about projections of a continuing trend of weakening growth which it believes is already under way.


But is it though? And if it is, to what degree is that evidence of slowing demand, which a lower interest rate might help, and how much