More lunatic RBA boffins throw themselves under the bus today. Via the AFR comes ex board members John Edwards:
“I completely agree with Phil Lowe’s comments that in this cycle we did not see much transfer of house prices into consumption and so if it didn’t happen on the way up, I am not concerned it will happen on the way down.
“I would want to see a bit more of a drop in spending before [a rate cut], but consumption growth was up [in the December quarter].”
