Economists looked at the same inflation figures this week but came to some quite different conclusions.
The consumer price index for the December quarter came in well above their expectations.
The result was universally seen as ruling out any more interest rate cuts from the Reserve Bank of Australia in the coming few months.
But that was about where the consensus ended.
Commonwealth Bank economists John Peters, Michael Blythe and Diana Mousina said monetary policy was working enough to more that offset the economic headwinds.
"Add on some upside inflation risks and we see the process of monetary policy normalisation commencing late in 2014," they said.
At the same end of the spectrum, St George Bank Economists Besa Deda and Janu Chan stuck with their view that "the RBA will not cut rates again in this cycle and start tightening near the end of this year".
They were joined by UBS economists Scott Haslem, George Tharenou and Delian Entchev.
Expectations of a rate cut were unjustified in the absence of data showing much higher unemployment or lower inflation.
"Risks of an end-year hike have risen," they said.
Stephen Walters at JP Morgan said the RBA would probably continue to signal the possibility of rate cuts if needed.
But the less benign inflation backdrop meant it would take a more sustained downturn in the economy or an unexpected bounce by the Australian dollar to prompt another cut, he said.
ANZ's economists Riki Polygenis, Dylan Eades and Ivan Colhoun said that the figures would make the RBA "uncomfortable".
A soft jobs market and the impending lump in mining investment should prevent a rate rise until a "gradual" tightening of interest rate policy begins early in 2015.
The background to the CPI figures was a bleak unemployment report the week before, which highlighted the downside risks to the economy.
Those soft economic conditions were seen by others as more worrisome - worrisome enough to support expectations of more rate cuts this year.
Westpac's Bill Evans rejected to idea that the CPI data showed a building up of inflationary pressures, putting it down "almost exclusively" to the effect of the Australian dollar's mid-2013 fall.
A rate cut was still on the cards.
"That is likely to come in the September - November window, when the evidence that inflation has moved back to a benign pace will be even more apparent," Mr Evans said.
Bank of America Merrill Lynch economist Saul Eslake gave a gloomy briefing to journalists on Wednesday after CPI figures.
He noted that the RBA had never removed its easing bias, let along raised interest rates, while the unemployment rate was rising.
"And we see the unemployment rate rising all the way though this year and possibly through next year as well," he said.
Another rate cut might do little to help, but the RBA - urged on by its board - would still need to respond, Mr Eslake said.