The Australian dollar, a liquid proxy for risk, was 0.02% lower at $0.7586, after hitting a near six-month trough of $0.7478 earlier this month. It has support at about $0.7566.
"The RBA has said it wants to be confident in inflation being sustained above 2% before it raises interest rates for the first time, hence our expectation of the first move not occurring until the second half of 2023," said Plank.
Kent reiterated that the bank did not expect domestic inflation to return to its 2-3% target band until 2024 at the earliest, so policy would need to stay very accommodative.
"Even bags that do not have a chip in them, use chips in the process of production," she said. "This chip inflation may be passed on to consumers and result in a faster CPI growth rate if the chip shortage persists."