The Bureau of Statistics data show inflation was just 1.3 per cent over the past year.
Money market bets on a May 3 Reserve Bank rate cut surged from 11 percent to more than 50 percent after the inflation result hit. The Australian dollar dived a full US cent to be as low as 76.49 US cents.
Listen to my report and analysis on The World Today shortly after the data hit
|A$ dives full US cent as low as 76.79 US cents after CPI release Source: Bloomberg|