Share on Facebook Share on Twitter Share on Reddit + - The day the earth stood still By Houses and Holes in Australian Economyat 6:51 am on March 2, 2012 | 4 comments Login to access MacroBusiness Members special reports. If you are not a member, sign up here. Please fill in the following form to login Username: Password: or Please fill in the following form to subscribe * Username * Email * Password Share on Facebook Share on Twitter Share on Reddit + - YOU MAY ALSO BE INTERESTED INYouth labour market continues to worsenYesterday's ABS labour force release for JulyRecessionberg versus the global economyVia Domain: Treasurer Josh Frydenberg has vowedSydney facing water emergency as dams plummetIt's winter. The desalination plant is running"Worse, the China miracle might be over"Terry Mccrann goes there today: ...all economies Comments Fred Dag March 2, 2012 at 9:42 am “There was no data this week to suggest any imminent further interest rate cuts. Indeed, the RBA has us right where it wants us: rational and restrained.” Excellent! 3d1k March 2, 2012 at 9:55 am I’m also in the RBA doing OK camp. As illustrated there is a raft of data available, constantly fluctuating small degrees, often conflicting – definitely time for the RBA not to be reactionary and maintain a steady hand. What the banks do is another question! David Uren in The Oz today also writes of the role of resources development in the current capex figures and I suspect is inclined to your view. As you know, I am not and continue to see little alternative on offer other than ‘run with resources’. The pipeline for the next year is colossal but much will be dependent on global conditions – which to date have held sufficiently. And despite what critics say, flow on benefits from the boom are occurring. I’m keen to see (if the boom holds) we successfully adapt and transition, which you tentatively pointed to yesterday. http://www.theaustralian.com.au/business/economics/mining-crowds-out-economy-with-surge-in-investment/story-e6frg926-1226286721501 http://www.bloomberg.com/news/2012-03-01/iron-ore-extending-bull-market-as-export-gains-at-11-year-low-commodities.html SMOKESTER March 2, 2012 at 10:28 am “raging credit crunch in the periphery” (of Europe) . I’m not sure where you are getting your data, but loans by Italian banks to the private sector and households are running at 2% and the lender survey isnt indicating any major tightening or standards or expected decrease in deman. Not great but not a raging credit crunch. Explorer March 2, 2012 at 10:58 am It seems from my analysis of table 39 of ABS 8731 that the growth from December 2011 to January 2012 is in the 99th percentile of YOY growth since July 1974, Largely because January 2011 was a very low level of total approvals. However the Vcitorian number seems quite amazing, with a 75% increase in approvals over the prior month and YOY growth of 85.6%. South Australia is equally amazing with MOM growth of 1043.8% and YOY growth of 774.2%. Does anyone know what drove the jump in Victorian and SA approvals ($ terms)? Or should we expect revision?