Stupid RBA has killed the consumer

Wednesday 11 June 2025

The NAB survey yesterday was a shocker.

There is nothing good on that table.

Worse, the Aussie economy is supposed to be going through a hand-off from fading government spending to a rising consumer.

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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.