The big question now about Tuesday's Reserve Bank minutes that apparently frightened the horses and roiled markets: will the story last till the end of the week or just today?

Who didn't know that, if the Australian economy was absolutely purring, growing at its full potential with inflation sitting in the sweet spot of 2.5 per cent, the RBA would like to increase the cash rate by a couple of hundred points? This is not news.

The only change is that the RBA board minutes made it explicit: in a Goldilocks Australia, the cash rate would be 3.5 per cent instead of the present 1.5.

But please note that considerable qualifier – that's with everything running perfectly. It's not and, despite the hopes expressed by the RBA, it doesn't like being "just right" at any foreseeable point.