A closer look at the latest RBA Chart Pack

The RBA has released its latest monthly Chart Pack. Here are some interesting visuals to consider going into next month’s meeting:

First up, looking abroad where the G-3 economies continue to have flat wage growth but modest unemployment figures since the GFC:

Headline inflation is also still flat below 2%, but rising from the 2015 nadir:

Looking closer to home, yearly GDP growth is still trending down from decade highs – will we see a sub 2% print soon?

By state, WA is trying to get back to its pre-mining boom days:

The CPI numberwang continues to trend down (while the more important health/education continues to spiral higher):

My favourite chart in the pack! Well done Straya – almost off the chart in household debt!

And where is that money going? Not saving for a rainy day and less disposable income – again, well done Straya!

Meanwhile, corporate Australia sits on its arse and does nothing:

They finally got this chart on the right axis, the mining capex bust will not be filled in by non-mining:

Will Houses save Holes with even more credit growth? No signs of slowing here:

Meanwhile, wage growth is struggling to keep up with inflation (let alone house price inflation at 5x that figure)


Luckily the government has lots of bullets in the chamber to..wait what?

Terms of trade remain elevated as commodity exports keep building:

This chart is still wrong on scale, and even though the services export boom continues, its nowhere near enough to cover resources:

Does this look toppy to anyone?

Now for free money – The Federal Reserve has broken free:

While the real cash rate here in Oz remains negative:

Bond yields are catching up, normally a sign that the Aussie dollar should be on its last legs:

Meanwhile the banks are raking it in – real housing rates are still elevated:

Moving on to that other casino, stock PE ratios are hugely elevated across the globe. Read: very expensive!

Meanwhile corporate Australia is again doing nothing in terms of expansion, with hardly any capital raisings:

Here’s Megabanks obscene, taxpayer backed profitability in a nutshell:

Luckily they have pristine – tremendously pristine – balance sheets…or do they?

 

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