From the AFR:
They are some of the best-paid and best-known economic experts in Australia, highly educated, articulate and followed for their sage advice about the direction of the economy, policy and the state of the world. But not one bank economist correctly predicted the Reserve Bank of Australia’s interest rate decision in three out of the three board meetings this year.
…Adding to the intrigue is financial markets have got two out of three wrong, including this week’s meeting, even though the markets have proven to be more accurate than economists over time. At one point, futures were pricing in a 78 per cent chance of a rate cut this week. Economists were almost evenly divided.
