For the first three months of 2024, the consumer price index was 3.6%, slowing from the 4.1% annual pace in the December quarter as released by the ABS this morning. However, this is slightly higher than economists had tipped, indicating CPI would drop to 3.5%.
The March quarterly inflation rate was 1%, compared with the 0.6% pace in the December quarter, which was around 0.2 more than anticipated.

I think any hopes of a rate cut in the immediate future should be put to rest.
S3 cuts will add further fuel to the fire and we may come to realise that the current economy’s status quo is inflation in the 3-4% band (which is ironic given pre Covid economists were suggesting we needed to lower the target band)

Is it just me or does 3.6% sound ok?

It's interesting that nobody seems to talk about growth in debt. Based on ABS data, lending for housing increased 13% in the past year. Personal loans increased 12%. Amazingly, business construction loans grew a whopping 22%.
Seems like people are still borrowing like there is no tomorrow and are undeterred by current interest rates.