The Reserve Bank has delivered the expected modest rate cut of a quarter of a percentage point, and we’re set for the predictable frenzy of speculation about an April election.

The cut is unlikely to be a major vote changer, after 13 increases. But it was absolutely vital to the government. Labor would have suffered a big knock if Michele Bullock and her board had held out.

The cut underpins the narrative of things improving, and may put voters in a better mood. At least that’s the government’s thinking.

But the bank is highly circumspect in its tone. It warned in its statement:

The forecasts published today suggest that, if monetary policy is eased too much too soon, disinflation could stall, and inflation would settle above the midpoint of the target range. In removing a little of the policy restrictiveness in its decision today, the Board acknowledges that progress has been made but is cautious about the outlook.

Speculation about the election date is a frustrating exercise, given only Anthony Albanese – and perhaps a few closest to him – knows his thinking, which could still be, as he suggested recently, “fluid”. In recent days the PM has played the tease. Periodically he talks about the intense work on budget, set for March 25; if that went ahead, it would mean a May election. But last week, he was also talking about parliament having seen its last day, which pointed to April.

It is hard to see the logic of Albanese launching a campaign before the March 8 Western Australian election, given that would be confusing for both state and federal campaigns and put maximum pressure on Labor’s WA volunteers. If Albanese opts for April 12, he would have to call it immediately after the WA poll.

Many in the business world would like the election done and dusted ASAP, because the pre-election period means a hiatus of sorts.

The opinion polls can be read various ways, but as things stand, they point to a minority government.

This is already putting pressure on crossbenchers, notably the teals, to indicate what factors they’d take into account in deciding who they’d support. The Coalition, if it reached about 72 seats (76 is a majority), would be eyeing off crossbenchers Bob Katter, Rebekha Sharkie, Allegra Spender and Dai Le as potentials to guarantee them confidence and supply. Of course that would assume they all were re-elected.

But this is putting several carts before the horse. Much will happen in the next few weeks, whether the election is April or May. Current polls that make predictions down to individual seats should be treated with much caution.

While the polls are presently depressing for Labor, this week’s Newspoll had a finding on inflation that might cheer treasurer Jim Chalmers. It found that less than a quarter of people believe inflation would have been lower under a Coalition government. In other words, while high prices are making voters sour, that is not necessarily directly translating into blame for Labor.

When the campaign proper is underway, the smallest things can blow up in leaders’ faces.

Albanese failed to remember key numbers in 2022. He had enough fat so his generally lackluster performance didn’t matter in the end. Dutton is yet to be campaign-tested. Rather disconcertingly for his handlers, in his Sky interview last Sunday he forgot deputy prime minister Richard Marles had just been in Washington.

Meanwhile Dutton is hard at work humanising his image in a series of interviews, and the obligatory 60 Minutes family get together with Karl Stefanovic (who did the Meet the Morrisons – the Duttons-at-home came without an musical performance).

Albanese worked hard at this before the last election, repeating over and over his story of being brought up in council housing, son of a single mother.

Dutton’s more complicated back story involves a stint as a youngster in a butcher’s shop, buying a house at 19, an early divorce, and a failed relationship that produced a baby who became his first child in his second marriage. And of course his career as a policeman.

One can imagine that some of these memories are painful to have to canvas in public, but the campaign’s hard heads say the public want to know all about a potential PM. So it has to be done.

(One Dutton incident is rarely recalled these days, that involved a temporary loss of political nerve. In 2009, after a redistribution made his seat of Dickson notionally Labor, Dutton sought to jump to the Gold Coast seat of McPherson. But he was beaten in a preselection by Karen Andrews, who is retiring at this election. That forced him back to Dickson, which he then held at the 2010 election.)

Albanese does not need to canvass his backstory as much these days but he took advantage of Valentine’s day to put out some sentimental social media fodder.

He and fiancé Jodie (to whom he proposed on Valentine’s day last year) sat, with Toto between them, turning over cards. with questions said to be posed by the public. With each question (such as “who said I love you first”) they pointed to each other or themselves.

Opinion was divided about the video. Toto fell into the sceptics’ camp, jumping to the ground before it was finished.