First hold since the reversal began, steady at 4.35%. Three hikes in a row, then a pause, the same shape the original hiking cycle took back in 2023 before it found its own resting point at this exact number.
I don't think that symmetry means much predictively, market conditions in 2026 are different in plenty of ways from 2023, a much higher median, a slightly looser but still tight vacancy rate, years more Olympic infrastructure investment either completed or underway. But there's something almost reassuring about watching the RBA's decision-making pattern rhyme with itself, hike in bursts, then pause to assess, rather than move unpredictably.
Treating 4.35% as the working number again, same discipline as three years ago, until proven otherwise.