According to Westpac, financial markets have now priced a 97% chance that the Reserve Bank of Australia (RBA) will reduce the official cash rate (OCR) at its monetary policy board meeting in July. The case for more rate cuts was strengthened by the Q1 national accounts released last week, which showed that aggregate GDP growth
The NAB survey yesterday was a shocker. There is nothing good on that table. Worse, the Aussie economy is supposed to be going through a hand-off from fading government spending to a rising consumer. Somebody forgot to tell the latter as retail fell off a cliff. In other words, the economy has reverted to a
DXY weak but holding. The AUD tractor climbs on. Lead boots have stalled. Machines are chasing oil, expect up, then down again. Metals no bueno. Miners are terrible. EM trying but tied to DXY. Yields sliding a little again. Stocks to the moon! I still think we’re headed into a combined US/China slowdown. I do
The Department of Redundancy Department is Albo’s core portfolio. From The Australian. Business leaders will push for holistic tax reform, cuts to red tape and faster approvals for major projects as Anthony Albanese lays the groundwork for a second-term economic agenda by holding a productivity roundtable in Canberra months after his thumping election victory. With
Another light news session overnight as speculation mounts of potential trade deals and tariff pullbacks with US-China talks progressing. Wall Street took any positive news as good news and was bid strongly while European shares pulled back on some not so good unemployment data and increased concerns over defence spending. Currency markets are in a
Last week’s Q1 national accounts release from the Australian Bureau of Statistics (ABS) showed that Australia’s economy remains on life support, driven by historically high population growth and public spending. Australia’s aggregate GDP grew by only 0.2% in Q1 2025, less than half the 0.45% growth tipped by the Reserve Bank of Australia (RBA) in
On Monday, I reported how the Q1 national accounts, released last week by the Australian Bureau of Statistics (ABS), showed that Australia’s manufacturing sector shrank to a record low 5.1% share of GDP: As you can see, Australia’s manufacturing sector has collapsed over the past 45 years, from around 14% of GDP in the mid-1970s.
Asian share markets are having a mixed session across the region given the poor lead from Wall Street overnight with no news about trade deals between the US and China (or Japan, or anywhere else – too much going on in LA? ) Currency markets are pushing back against recent USD strength as most undollars
Victoria’s budget finances are in disarray, with the state carrying the nation’s highest debt and lowest credit rating. According to the latest state budget, Victoria’s net debt will rise to $194 billion by 2028-29, from $155.5 billion currently. Victorian net debt per capita is the highest in the nation. In 2023-24, Victoria’s per capita net
Peter Hartcher is freaking out. SMH. Trump gave himself the scope to deploy the militia and/or the military “where protests against these [federal] functions are occurring or are likely to occur”. Likely to occur? He once claimed to be a very stable genius, but now, apparently, he is also clairvoyant. In addition, says his order,