Swaps market now pricing 22bp of hike from the RBA, although this is dwarfed by the 86bp of hikes priced in from the RBNZ
Seems that rate cycle has certainly bottomed. With the QE debate unlikely to be factored into the investor psyche until 2014 it feels like there are few impediments to an increase in the momentum of a recovery on the East Coast of Australia. AUD obviously is the key concern for RBA and I think they would be happy to let inflation run a little (if it emerges) before they look at hiking rates.
Sorry 12 months