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Westpac note that "all together this overall softness in price inflation was reflected in the modest 0.4% rise in the trimmed mean which saw the annual pace ease back to 1.2%yr to 1.1%yr; the six-month annualised pace lifted very modestly from 1.5%yr to 1.6%yr - still well below the bottom of the RBA's inflation target band. Looking forward, while we acknowledge the ending of the HomeBuilder Grants will boost the CPI in the June quarter we are still yet to see any broad inflationary pressure. In fact, where we thought we should see some by now has failed to reveal any. As such, the update today suggests downside risks to our current inflation profile for 2020."