As both major political parties posture over the next month on how best to tackle much-needed budget repair ahead of the opening of the new parliament, the Reserve Bank will be getting on with the job in hand to shore up the fortunes of the economy.
Official inflation figures on Wednesday will be crucial as to whether the central bank will need to cut the cash rate again at its board meeting on August 2.
Economists are expecting inflation readings to have remained extremely benign during the June quarter, keeping the annual rate well below the one to three per cent target band.
If economists are correct, it is expected the cash rate will be cut to just 1.5 per cent from an already record low of 1.75 per cent.
Financial markets see a near-70 per cent chance of such a reduction.
The central bank last cut the rate in May after the March quarter consumer price index showed prices actually declined, or deflation - a sign of a soft economy.
Parliament does not resume until August 30, leaving the legislative agenda in limbo for now.
The July 2 election saw Prime Minister Malcolm Turnbull scrape home with a much reduced majority of just one or two seats and a more fractured Senate with an even larger crossbench.
All three of the world's largest credit rating agencies - Standard & Poor's, Moody's Investors Service and Fitch Ratings - have expressed concerns about the composition of the new parliament making fiscal consolidation difficult.
Treasurer Scott Morrison says the coalition took a clear economic plan to the election and will work constructively with parliament to implement it to keep the economy strong.
Shadow treasurer Chris Bowen says Labor will be "proactive" and will continue to lead the debate on how best to repair the budget through measures like limiting tax concessions on housing investments.
"It's up to the government how much they want to work with us and with other people," Mr Bowen told Sky News on Sunday.
