1 00:00:05,960 --> 00:00:08,880 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm Sean Aylmer. 2 00:00:09,119 --> 00:00:11,680 Speaker 1: Yesterday the Reserve Bank cut the official cash rate by 3 00:00:11,680 --> 00:00:16,080 Speaker 1: twenty five basis points, saying inflation has fallen substantially from 4 00:00:16,079 --> 00:00:18,640 Speaker 1: its peak in twenty twenty two as higher interest rates 5 00:00:18,880 --> 00:00:21,040 Speaker 1: have worked to take the steam out of the economy. 6 00:00:21,360 --> 00:00:24,080 Speaker 1: It was widely tipped, with all four big banks quickly 7 00:00:24,120 --> 00:00:26,760 Speaker 1: passing on the rate cut to customers, but there's still 8 00:00:26,800 --> 00:00:30,400 Speaker 1: plenty of uncertainty over the economic outlook. Luke Yeaman is 9 00:00:30,440 --> 00:00:33,440 Speaker 1: the chief economist at Commonwealth Bank. Luke, welcome to Fear 10 00:00:33,440 --> 00:00:33,760 Speaker 1: and Greed. 11 00:00:33,960 --> 00:00:35,160 Speaker 2: Thanks Sean. It's great to be here. 12 00:00:35,479 --> 00:00:38,440 Speaker 1: The decision was expected. What about the commentary in the 13 00:00:38,479 --> 00:00:41,720 Speaker 1: statement from the Reserve Bank as well as Michelle Bullock 14 00:00:41,720 --> 00:00:45,279 Speaker 1: in her press conference. What were there any surprises in that? 15 00:00:45,600 --> 00:00:46,960 Speaker 1: What do you think the Bank's thinking. 16 00:00:47,800 --> 00:00:49,760 Speaker 2: Yeah, I don't think there are any major surprises. As 17 00:00:49,800 --> 00:00:52,440 Speaker 2: you said, the interest rate cut was widely tipped by 18 00:00:52,520 --> 00:00:56,320 Speaker 2: us and many other economists and market commentators. I think 19 00:00:56,360 --> 00:00:59,240 Speaker 2: there was an important changing tone in the Reserve Bank 20 00:01:00,000 --> 00:01:02,800 Speaker 2: comentry and then the press conference from the governor, and 21 00:01:02,880 --> 00:01:05,600 Speaker 2: I think fundamentally what's changed is the Reserve Bank until 22 00:01:05,600 --> 00:01:08,640 Speaker 2: now has taken a very cautious approach. They've been wanting 23 00:01:08,680 --> 00:01:10,640 Speaker 2: to see inflation come down, they've wanted to see the 24 00:01:10,640 --> 00:01:13,000 Speaker 2: hard data showing that that's occurring, and they've been at 25 00:01:13,000 --> 00:01:15,920 Speaker 2: pains to point out the upside risks to the outlook. 26 00:01:16,319 --> 00:01:19,080 Speaker 2: I think that changed yesterday. I think the Reserve Bank 27 00:01:19,160 --> 00:01:22,760 Speaker 2: now has acknowledged that the risks to inflation much more balanced. 28 00:01:23,040 --> 00:01:25,720 Speaker 2: They've become less concerned about the upside risks. They've been 29 00:01:25,720 --> 00:01:29,440 Speaker 2: talking for a while about sticky services inflation, things like 30 00:01:29,480 --> 00:01:32,679 Speaker 2: rents and insurance. They're less worried about that now having 31 00:01:32,680 --> 00:01:34,920 Speaker 2: seen some of the hard data come in. They've been 32 00:01:34,959 --> 00:01:37,120 Speaker 2: talking about the strength of the labor market. They're still 33 00:01:37,160 --> 00:01:38,720 Speaker 2: mentioning that, but I think it was less of an 34 00:01:38,720 --> 00:01:41,520 Speaker 2: emphasis for the governor in a press conference, and they're 35 00:01:41,560 --> 00:01:44,400 Speaker 2: now talking much more about the downside risks to inflation. 36 00:01:45,040 --> 00:01:48,440 Speaker 2: They've seen their forecast downgraded for GDP growth, particularly for 37 00:01:48,480 --> 00:01:51,760 Speaker 2: household consumption, where we're seeing a bit of softness, and 38 00:01:51,960 --> 00:01:55,280 Speaker 2: clearly the global situation is starting to weigh on their thinking. 39 00:01:55,760 --> 00:01:58,880 Speaker 2: And this was the first time, importantly that the governor 40 00:01:58,920 --> 00:02:02,360 Speaker 2: has openly said that those global factors will be deflationary, 41 00:02:02,480 --> 00:02:05,080 Speaker 2: not inflationary. So when you put all that together, I 42 00:02:05,120 --> 00:02:07,360 Speaker 2: think there's been a substantial shift in tire and much 43 00:02:07,400 --> 00:02:10,519 Speaker 2: more worried about the downside risks than the upside risks 44 00:02:10,600 --> 00:02:12,040 Speaker 2: and adopting a well balanced approach. 45 00:02:12,720 --> 00:02:16,600 Speaker 1: So that certainly gave it leeway to cut interest rates yesterday, 46 00:02:16,800 --> 00:02:18,880 Speaker 1: and I know Michelle Belk also talked about the fact 47 00:02:18,880 --> 00:02:20,919 Speaker 1: that they had discussed a fifty basis point cut. She 48 00:02:21,000 --> 00:02:24,639 Speaker 1: said that as per usual, that's what you'd expect. I'm 49 00:02:24,639 --> 00:02:27,160 Speaker 1: not quite so sure whether she's whether that's right or not. 50 00:02:28,040 --> 00:02:32,240 Speaker 1: What do you think it points towards in coming months? 51 00:02:32,240 --> 00:02:34,640 Speaker 1: Will there be another rate cut to you think so? 52 00:02:35,000 --> 00:02:37,359 Speaker 2: With inflation now, the trim mean inflation, which is the 53 00:02:37,400 --> 00:02:40,840 Speaker 2: most closely watched measure the RBO tracks, is now back 54 00:02:40,840 --> 00:02:43,240 Speaker 2: in the target band two point nine percent annually and 55 00:02:43,280 --> 00:02:46,000 Speaker 2: even lower if you look at the six month annualized rate, 56 00:02:46,720 --> 00:02:49,680 Speaker 2: and the RBA downgraded slightly their forecast for the trim mean. 57 00:02:49,760 --> 00:02:52,359 Speaker 2: They now expect trim mean inflation to run at two 58 00:02:52,360 --> 00:02:54,520 Speaker 2: point six percent annually from around the middle of this 59 00:02:54,600 --> 00:02:57,640 Speaker 2: year and to stay there over the whole forecast horizon. 60 00:02:58,320 --> 00:03:00,880 Speaker 2: And that was with an underlying assumption. It was an assumption, 61 00:03:00,960 --> 00:03:03,040 Speaker 2: not a forecast, but an underlying assumption of a cash 62 00:03:03,120 --> 00:03:06,560 Speaker 2: rate going to three point two percent. So I think 63 00:03:06,600 --> 00:03:09,200 Speaker 2: that does mean that there is room to continue normalizing 64 00:03:09,600 --> 00:03:12,000 Speaker 2: the cash rate over the course of the next few 65 00:03:12,000 --> 00:03:15,000 Speaker 2: months and the rest of this year. We'd previously been 66 00:03:15,080 --> 00:03:18,600 Speaker 2: expecting two further rate cuts, taking the cash rate down 67 00:03:18,720 --> 00:03:21,520 Speaker 2: to about three point three five percent. We still think 68 00:03:21,600 --> 00:03:24,080 Speaker 2: that's the level I'll cut too, but we have brought 69 00:03:24,120 --> 00:03:26,960 Speaker 2: forward slightly our expectation of when that will occur. So 70 00:03:27,000 --> 00:03:30,480 Speaker 2: we previously thought we'd see one rate cut in August 71 00:03:30,480 --> 00:03:33,320 Speaker 2: and another one in November, following each of the major 72 00:03:33,480 --> 00:03:36,560 Speaker 2: quarterly CPI releases. We now think there's a case to 73 00:03:36,560 --> 00:03:39,480 Speaker 2: move a little more quickly towards neutral. So we're now 74 00:03:39,480 --> 00:03:43,360 Speaker 2: expecting a rate cut in August and September, and I 75 00:03:43,360 --> 00:03:44,720 Speaker 2: think there is a risk that it could even come 76 00:03:44,760 --> 00:03:45,840 Speaker 2: a little earlier than that. 77 00:03:46,640 --> 00:03:49,640 Speaker 1: You talk about normalizing in neutral, what is neutral for 78 00:03:49,680 --> 00:03:50,280 Speaker 1: the cash rate? 79 00:03:51,040 --> 00:03:53,160 Speaker 2: Look, it's a very difficult debate to know exactly where 80 00:03:53,160 --> 00:03:55,960 Speaker 2: the neutral rate is. As I said, the Governor mentioned 81 00:03:55,960 --> 00:04:00,560 Speaker 2: that three point two cash rate was in their forecasts 82 00:04:00,680 --> 00:04:03,160 Speaker 2: consistent with inflation in the middle of the band and 83 00:04:03,240 --> 00:04:06,320 Speaker 2: unemployment remaining relatively low, so that gives us some guide 84 00:04:06,360 --> 00:04:08,480 Speaker 2: to their thinking. Something around that three and a quarter 85 00:04:09,200 --> 00:04:11,840 Speaker 2: range might be neutral. We've done some analysis in the 86 00:04:11,880 --> 00:04:14,680 Speaker 2: team over recent months looking at some of the RBA models, 87 00:04:15,080 --> 00:04:16,599 Speaker 2: and when you look at the average of the different 88 00:04:16,680 --> 00:04:19,960 Speaker 2: technical models they use to assess neutral, we came out 89 00:04:20,000 --> 00:04:22,279 Speaker 2: with the number somewhere around two point nine. So I 90 00:04:22,279 --> 00:04:24,360 Speaker 2: think something around three to three and a quarter percent 91 00:04:24,400 --> 00:04:27,640 Speaker 2: would be broadly neutral. And the Governor has said that 92 00:04:27,800 --> 00:04:32,799 Speaker 2: today's cut creates a less expansionary position for the RBA, 93 00:04:33,240 --> 00:04:35,040 Speaker 2: but that it's still contractionary. So I think there is 94 00:04:35,080 --> 00:04:36,640 Speaker 2: still a bit more room to go before they move 95 00:04:36,680 --> 00:04:37,640 Speaker 2: towards the neutral rate. 96 00:04:38,400 --> 00:04:46,400 Speaker 1: Okay, say with me, Luke. We'll be back in a minute. 97 00:04:47,839 --> 00:04:52,520 Speaker 1: My guest this morning is CBA Chief Economist Luke Gayman. Luke. 98 00:04:53,160 --> 00:04:55,920 Speaker 1: Before the break, we talked about what the reserve banks thinking, 99 00:04:56,040 --> 00:04:57,960 Speaker 1: or we think they're thinking, and how many more interest 100 00:04:58,000 --> 00:05:01,600 Speaker 1: rate cuts there might be. What's that for a notice? 101 00:05:01,600 --> 00:05:04,159 Speaker 1: Commonwealth Bank, along with the other major lenders, we're very 102 00:05:04,240 --> 00:05:06,960 Speaker 1: quick to say we're going to reduce mortgage rates by 103 00:05:06,960 --> 00:05:10,919 Speaker 1: twenty five basis points. It seems that the transmission mechanism 104 00:05:10,960 --> 00:05:12,760 Speaker 1: from when the reserve bank does the thing to when 105 00:05:12,800 --> 00:05:16,160 Speaker 1: it hits me seems to be pretty quick at the moment. 106 00:05:16,600 --> 00:05:19,880 Speaker 1: I know that academic economists they could take eighteen months 107 00:05:20,000 --> 00:05:22,560 Speaker 1: or so. But just talk us through that. Do you 108 00:05:22,680 --> 00:05:25,720 Speaker 1: think that there's shifting rates because it happens so quickly 109 00:05:25,760 --> 00:05:28,400 Speaker 1: now it will affect us sooner or not? 110 00:05:29,000 --> 00:05:31,160 Speaker 2: It's just say the standard models. There's a big debate 111 00:05:31,200 --> 00:05:34,440 Speaker 2: in economics circles about how long these transmission channels take 112 00:05:34,520 --> 00:05:37,080 Speaker 2: to work through. I think typically something in the twelve 113 00:05:37,080 --> 00:05:39,240 Speaker 2: to eighteen months is what the economic models would tell 114 00:05:39,240 --> 00:05:42,040 Speaker 2: you takes for a cutting interist rate to flow through 115 00:05:42,080 --> 00:05:45,120 Speaker 2: to actual demand on the ground. As you say, the 116 00:05:45,160 --> 00:05:47,280 Speaker 2: actual pass through in terms of what people see in 117 00:05:47,320 --> 00:05:50,359 Speaker 2: their bank account is a lot quicker than that. There's 118 00:05:50,520 --> 00:05:52,320 Speaker 2: I think a few different effects that you're working with you. 119 00:05:52,600 --> 00:05:54,839 Speaker 2: On the one hand, the cut in rates provides an 120 00:05:54,839 --> 00:05:58,040 Speaker 2: immediate boost to sentiment, So if you're looking at making 121 00:05:58,080 --> 00:06:00,279 Speaker 2: a big purchase, you're thinking about your family finance, is 122 00:06:00,640 --> 00:06:02,839 Speaker 2: a cut to the rate gives you an immediate confidence boost. 123 00:06:02,839 --> 00:06:05,600 Speaker 2: So I think we will continue to see consumer confidence 124 00:06:05,680 --> 00:06:09,320 Speaker 2: numbers step up as we as people become more confident. 125 00:06:09,400 --> 00:06:12,720 Speaker 2: The Reserve Bank has moved into an interst rate cutting cycle. 126 00:06:12,760 --> 00:06:14,760 Speaker 2: That will help you some of those cost of living pressures, 127 00:06:15,080 --> 00:06:17,159 Speaker 2: but it does then take time for a household to 128 00:06:17,200 --> 00:06:20,720 Speaker 2: actually see that flow through into their finances and start 129 00:06:20,720 --> 00:06:24,720 Speaker 2: to make decisions to adjust their savings and spending behavior. 130 00:06:24,760 --> 00:06:27,400 Speaker 2: And I think one of the key question marks that 131 00:06:27,400 --> 00:06:31,120 Speaker 2: we've been grappling with at CBA is how consumers will 132 00:06:31,120 --> 00:06:33,520 Speaker 2: respond as instratets do come down. Will they continue to 133 00:06:33,520 --> 00:06:35,279 Speaker 2: save more of the income that they've been putting away 134 00:06:35,360 --> 00:06:38,720 Speaker 2: recently and that headroom gets put into savings or doers 135 00:06:38,720 --> 00:06:42,000 Speaker 2: to go into spending. And so far, what we've seen 136 00:06:42,040 --> 00:06:44,360 Speaker 2: over the course of this year is a relatively soft 137 00:06:44,520 --> 00:06:48,000 Speaker 2: recovery in household consumption and so a rate cut will 138 00:06:48,000 --> 00:06:51,120 Speaker 2: certainly help on that front, but we are seeing still 139 00:06:51,160 --> 00:06:53,640 Speaker 2: some caution in that consumer sector and people are a 140 00:06:53,640 --> 00:06:55,640 Speaker 2: little reluctant to go back out and spend in a 141 00:06:55,680 --> 00:06:57,599 Speaker 2: big way. So far, that's a key watch point for 142 00:06:57,640 --> 00:06:57,960 Speaker 2: this year. 143 00:06:58,400 --> 00:07:01,159 Speaker 1: Yeah, Michelle Well talked about the fact that household spending 144 00:07:01,279 --> 00:07:05,720 Speaker 1: was reasonably cautious given that real wages are now rising again. 145 00:07:05,839 --> 00:07:06,640 Speaker 1: Is that unusual? 146 00:07:07,279 --> 00:07:09,359 Speaker 2: Look, it's not entirely unusual when you come out of 147 00:07:10,240 --> 00:07:12,400 Speaker 2: a period of economic pain that we've seen recently. Of 148 00:07:12,520 --> 00:07:14,400 Speaker 2: the course of the last year, households have been hit 149 00:07:14,960 --> 00:07:20,040 Speaker 2: with higher inflation, higher interest rates, various international shocks playing 150 00:07:20,600 --> 00:07:25,720 Speaker 2: into the confidence of households. So it's not entirely surprising 151 00:07:25,720 --> 00:07:27,960 Speaker 2: that people are taking a fairly cautious approach and wanting 152 00:07:28,000 --> 00:07:30,440 Speaker 2: to see their finances improve before they spend in a 153 00:07:30,440 --> 00:07:33,160 Speaker 2: bigger way. We did see a step up in the 154 00:07:33,200 --> 00:07:35,120 Speaker 2: December quarter last year. We saw quite a bit of 155 00:07:35,160 --> 00:07:39,440 Speaker 2: spending come through the official statistics and our own internal 156 00:07:39,760 --> 00:07:42,520 Speaker 2: spending data that we track, and so there was a question, then, 157 00:07:42,600 --> 00:07:44,880 Speaker 2: is that the start off a bigger and stronger recovery. 158 00:07:45,760 --> 00:07:48,120 Speaker 2: I think in essence most of that was related to 159 00:07:48,200 --> 00:07:51,080 Speaker 2: some big sales events and some big one off events 160 00:07:51,240 --> 00:07:54,440 Speaker 2: that led households to loosen the purse strings a little more. 161 00:07:54,760 --> 00:07:56,640 Speaker 2: But we haven't seen that carry through. We haven't seen 162 00:07:56,680 --> 00:07:59,120 Speaker 2: that momentum carry through into the first quarter of this year, 163 00:07:59,560 --> 00:08:01,720 Speaker 2: and that suggests there is still a level of caution 164 00:08:02,240 --> 00:08:05,560 Speaker 2: playing into the consumer decision making process. Luke. 165 00:08:05,600 --> 00:08:07,720 Speaker 1: Putting all this together, how is the Australian economy of 166 00:08:07,800 --> 00:08:08,800 Speaker 1: performing at the moment. 167 00:08:09,720 --> 00:08:14,280 Speaker 2: Overall, the Australian economy is very well placed, and there 168 00:08:14,320 --> 00:08:17,800 Speaker 2: wasn't quite a sense of declaring victories today from the Governor, 169 00:08:17,800 --> 00:08:20,560 Speaker 2: but there was a sense of vindication that having taken 170 00:08:20,560 --> 00:08:23,880 Speaker 2: a fairly cautious approach to cutting rates, we've now got 171 00:08:23,920 --> 00:08:27,320 Speaker 2: a situation where core inflation is sitting back inside the 172 00:08:27,360 --> 00:08:31,600 Speaker 2: RBA's target band. We're seeing growth step up steadily, not 173 00:08:31,960 --> 00:08:33,760 Speaker 2: in a very strong way because of that caution in 174 00:08:33,800 --> 00:08:37,560 Speaker 2: the consumer sector, but we're seeing growth kick up quite steadily, 175 00:08:38,000 --> 00:08:41,280 Speaker 2: and we still have unemployment at historically low levels. For 176 00:08:41,320 --> 00:08:44,600 Speaker 2: Australia to hold an unemployment rate and the low fours 177 00:08:45,280 --> 00:08:47,920 Speaker 2: after all of the shocks that we've seen over the 178 00:08:47,960 --> 00:08:51,400 Speaker 2: past year's actually quite a remarkable outcome. So when you 179 00:08:51,400 --> 00:08:54,520 Speaker 2: look at that altogether, I think the Istraani economy is 180 00:08:54,520 --> 00:08:58,360 Speaker 2: well placed. But we heard the word uncertainty a very 181 00:08:58,440 --> 00:09:01,200 Speaker 2: large number of times in the government press conference yesterday, 182 00:09:01,760 --> 00:09:04,240 Speaker 2: and that is really the key thing going forward is 183 00:09:04,360 --> 00:09:07,160 Speaker 2: what are those global factors mean for Australia and how 184 00:09:07,200 --> 00:09:08,079 Speaker 2: do they play out from here? 185 00:09:09,200 --> 00:09:11,240 Speaker 1: I mean, now I'm asking you the impossible question, but 186 00:09:11,320 --> 00:09:14,319 Speaker 1: what do they mean? What does the tariff will mean? 187 00:09:14,320 --> 00:09:17,360 Speaker 1: And what I suppose it's about how people respond to 188 00:09:17,400 --> 00:09:21,320 Speaker 1: them tariffs as much as the tariffs themselves. How do 189 00:09:21,360 --> 00:09:24,920 Speaker 1: you think it flows from here overall? 190 00:09:25,080 --> 00:09:27,440 Speaker 2: Overall, I think Australia, compared to many other countries, is 191 00:09:27,480 --> 00:09:30,760 Speaker 2: quite well placed. So in that sense we have we're 192 00:09:30,920 --> 00:09:33,040 Speaker 2: insulated to an extent from these shocks. We don't have 193 00:09:33,120 --> 00:09:36,560 Speaker 2: large direct trade links into the US, and so the 194 00:09:36,600 --> 00:09:40,679 Speaker 2: Governor talked quite a lot about the uncertainty effects. So 195 00:09:41,480 --> 00:09:44,400 Speaker 2: while we don't know exactly where the final tariff and 196 00:09:44,400 --> 00:09:47,000 Speaker 2: trade war will land and what the final tariff rates 197 00:09:47,000 --> 00:09:49,040 Speaker 2: will be globally, what we do know is there's a 198 00:09:49,040 --> 00:09:50,959 Speaker 2: lot of uncertainty in the system today. And if you're 199 00:09:50,960 --> 00:09:52,680 Speaker 2: trying to make a big decision as a business to 200 00:09:52,760 --> 00:09:54,920 Speaker 2: invest or, you're trying to make a decision as an 201 00:09:54,920 --> 00:09:57,840 Speaker 2: employer to hire or consume, it to spend, all of 202 00:09:57,880 --> 00:10:01,680 Speaker 2: this uncertainty does hold back activity, and the Governor was 203 00:10:02,520 --> 00:10:06,559 Speaker 2: highlighting that point in her comments that uncertainty itself is 204 00:10:06,720 --> 00:10:09,199 Speaker 2: quite a constraint on growth. So that's the first thing 205 00:10:09,320 --> 00:10:11,080 Speaker 2: to watch for, and I think that will play into 206 00:10:11,120 --> 00:10:14,760 Speaker 2: weaker growth overall, both overseas and to an extent here 207 00:10:14,760 --> 00:10:19,920 Speaker 2: in Australia. The actual final landing point for this trade 208 00:10:19,960 --> 00:10:22,720 Speaker 2: war is still very uncertain, and you have had some 209 00:10:22,760 --> 00:10:27,120 Speaker 2: positive developments the de escalation by the US and China, 210 00:10:27,120 --> 00:10:29,360 Speaker 2: where we saw tariff's ramping up very quickly up to 211 00:10:29,400 --> 00:10:31,600 Speaker 2: one hundred and twenty five and one hundred and fifty percent. 212 00:10:31,920 --> 00:10:35,320 Speaker 2: The fact that there's been a coming together between the 213 00:10:35,400 --> 00:10:37,400 Speaker 2: US and China to help bring those tariff rates back 214 00:10:37,440 --> 00:10:40,040 Speaker 2: down takes off the table some of the really more 215 00:10:40,080 --> 00:10:44,240 Speaker 2: severe downside snows that we could have seen. But it's 216 00:10:44,360 --> 00:10:46,360 Speaker 2: very clear we're going to still see some pretty big 217 00:10:46,360 --> 00:10:49,079 Speaker 2: shocks in the global economy over the course of the 218 00:10:49,120 --> 00:10:51,760 Speaker 2: next few months. That's going to hit US growth, It's 219 00:10:51,760 --> 00:10:54,360 Speaker 2: going to affect China and flow through to Australia. But 220 00:10:54,400 --> 00:10:57,120 Speaker 2: as I said, we think fundamentally Australia is quite well 221 00:10:57,160 --> 00:10:59,560 Speaker 2: placed to ride out this storm. 222 00:11:00,080 --> 00:11:01,880 Speaker 1: Quite the time to take up the job as cheap 223 00:11:01,880 --> 00:11:04,640 Speaker 1: of economist, as of Australia's biggest bank, luth like, how 224 00:11:04,640 --> 00:11:06,160 Speaker 1: long you've been in the job for I. 225 00:11:06,200 --> 00:11:10,040 Speaker 2: Think I've come up to three months now, all three months. 226 00:11:10,559 --> 00:11:12,720 Speaker 1: You may as well take it on when things are happening. 227 00:11:12,840 --> 00:11:14,439 Speaker 2: It's good to be where the action is. It's always 228 00:11:14,440 --> 00:11:17,080 Speaker 2: important to be having interesting thing is to look at. 229 00:11:17,360 --> 00:11:18,000 Speaker 2: That's for sure. 230 00:11:18,240 --> 00:11:20,240 Speaker 1: That's for sure. Luke, thank you for joining Fear and Greed. 231 00:11:20,440 --> 00:11:21,120 Speaker 2: Pleasure to be here. 232 00:11:21,200 --> 00:11:24,400 Speaker 1: Thanks. That was Luke Yaman, chief economist at Commonwealth Bank. 233 00:11:24,559 --> 00:11:26,800 Speaker 1: This is the Fear and Greed Business Interview. Join us 234 00:11:26,840 --> 00:11:28,920 Speaker 1: every morning for the full episode of Fear and Greed, 235 00:11:29,000 --> 00:11:31,880 Speaker 1: daily business news for people make their own decisions. I'm 236 00:11:31,880 --> 00:11:33,440 Speaker 1: Sean A. Elmer. Enjoy your day.