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The press is giving last night’s first election debate to Kevin Rudd.

Cross-posted from The Conversation. No-one would describe News Corp Australia’s view on the National Broadband Network (NBN) as rosy.

By Leith van Onselen The Reserve Bank of Australia (RBA) has released its quarterly Statement on Monetary Policy (SoMP), which forecasts a slowing of growth throughout the remainder of this year, but an acceleration of growth in the forward estimates.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has just released data on quarterly construction materials volumes, which showed a turnaround in the production of clay bricks and roof tiles – materials typically used in housing construction.

Cross-posted from The Conversation As Australian housing prices have boomed over the last decade and a half, there has been much discussion over whether a bubble exists in the residential property market.

JP Morgan has a bullish note out for iron ore that is worth a read.

By Leith van Onselen On Wednesday, the Obama Administration granted approval to a third liquidied natural gas (LNG) terminal – the second permit issued over the past three months.

From ANZ: China’s trade growth rebounded in July with exports gaining 5.1% y/y and imports surging 10.9%.

By Leith van Onselen As summarised earlier, the Australian Bureau of Statistics (ABS) has released labour force data for the month of July, which registered no change in the headline unemployment rate (still at 5.7%).

By Leith van Onselen On ABC’s 7.30 Report last night, Prime Minister Kevin Rudd launched an attack on the Murdoch press, which he views as overtly biased against the government: LEIGH SALES: Let me ask you one final question.

From Professor Rodney Maddock of the Funding Australia’s Future Project comes a measured study of the prospects for increased household borrowing.

ANZ has an interesting note out today looking at reasons for why NSW could lead national growth as the mining boom drags down our former high-flying states.

By Leith van Onselen The slashing of the official cash rate to 2.5% yesterday looks likely to be passed-on in full by Australia’s lenders (Westpac has already passed-on more than the cut).

Mac Bank has an interesting not out this morning that helps explain the current unseasonable strength in iron ore prices.

Yesterday’s RBA rate cut has fired off some better-late-than-never housing hand-wringing: As the RBA’s move unleashed a ­political debate about the strength of the economy, UBS analyst Jonathan Mott said record-low mortgage rates meant the “ingredients are now in place for another bout of sustained house price inflation in Australia and Sydney in particular”.

By Leith van Onselen Roy Morgan Research (RMR) has today released its weekly consumer confidence index, which revealed a sharp fall in confidence following the Treasurer Chris Bowen’s announcement of a material deterioration in Federal Budget finances from a projected $18 billion deficit to over $30 billion.

First, Paul Bloxham at HSBC: The RBA cut its cash rate by 25bp to 2.50%, as expected.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released trade data for the month of June, with Australia recording a seasonally-adjusted trade surplus of $602 million.

A bit off topic but just for laughs during an election.

Cross-posted from Henry Thornton.

Cross-posted from Kate Mackenzie at FTAlphaville.

By Leith van Onselen Today’s weak retail sales are set to weigh on Australia’s June quarter GDP after recording zero growth in real chain volume terms. The overall result contrasted strongly with the March quarter, where sales volumes rose by 2.0% and added to GDP (see next chart).

By Leith van Onselen SQM Research has released its Stock on Market figures for the month of July, which revealed that listings nationally decreased by 2.1% in July and by 2.5% over the year: As shown above, you can see that there is wide divergence across capital cities.