Dear Woolworths, Flight Centre, Webjet, Nick Scali, Super Retail Group, Metcash, Reece and every other company facing consumers struggling to hit profit forecasts: find your own way to increase your earnings because Michele Bullock is not ready to transform.

The RBA chief made clear on Tuesday that there was no cut in the interest rates in the works. Just because our retailers and their investors are lowering their earnings estimates; just because businesses and industry bodies are telling the central bank that demand from household customers remains weak; And it is not enough that the US will reduce its benchmark interest rate again towards the end of this week.

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