RBA SoMP asleep at the wheel

Friday, 5 February 2016

If you want read the RBA’s propaganda release in its February Statement on Monetary Policy then it is available here. The charts pretty much sum it up. No change to the outlook despite rising global volatility:

GDP growth swinging seamlessly upwards and unemployment moving effortlessly downwards as we go off the combined residential construction, mining and car manufacturing capex cliffs, house prices weaken, global volatility rises and an election unsettles punters (say wha?):

Because the terms of trade falls are over:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.