Lunatic RBA will surely cut in June

Let me run you through some charts from the NAB business survey to make the point. Westpac does a nice job of drawing them up year over year. Headline indexes are back to 2013/14:

Employment too:

And forward orders:

Capex is a bit better but not for long:

All cyclical industries are folding:

States are converging on universal weakness:

In short, the economy has already regressed to the 2013/14 period when the RBA slashed rates four times (with four more ahead):

And this this time around the RBA is also toying with a property bust that could pass a tipping point for banks at any time. Nobody knows when, including the RBA.

First of four cuts must come in June.