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Speaker 1: Here the dupless Ellen. Look, I don't really want to

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Speaker 1: have to start on a bum note, but if there

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Speaker 1: is a thing that we do on the show, it's honesty.

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Speaker 1: So let's be honest about it. What the Reserve Bank

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Speaker 1: decision told you today is how much trouble our economy is.

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Speaker 1: And if you're in business, you already know this. You

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Speaker 1: don't need me to tell you this. I was talking

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Speaker 1: to a couple of CEOs yesterday. They were telling me,

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Speaker 1: cannot see the green shoots. Cannot see the green shoots.

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Speaker 1: We've been waiting. We were told survived to twenty five,

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Speaker 1: were halfway through. We're still stuffed. We'll let me tell

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Speaker 1: you what we got today. We got a twenty five

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Speaker 1: basis point cut. We needed fifty because that ocr is

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Speaker 1: still too high. It's now sitting at three point twenty

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Speaker 1: five percent. It's probably actively still dampening our economic growth

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Speaker 1: because I think the consensus is that three is neutral

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Speaker 1: and we're not there yet. But they could not give

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Speaker 1: us a bigger cut today. And even they must realize

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Speaker 1: how much damage they are doing, because they themselves have

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Speaker 1: admitted that the economy is even more stuffed than they

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Speaker 1: thought it was as recently as February. When they last

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Speaker 1: met back in February, they predicted that in the first

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Speaker 1: quarter of the year we would have seen growth of

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Speaker 1: zero point six percent. They have revised that down to

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Speaker 1: zero point four. This quarter that we're in right now,

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Speaker 1: they forecast that we would be growing at zero point

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Speaker 1: six percent. They just havel that to zero point three.

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Speaker 1: Next quarter they thought would be zero point five. They've

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Speaker 1: taken that down to zero point two. That's not good.

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Speaker 1: That's bad. And why couldn't they give us a bigger

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Speaker 1: cut to help us along, because they might set off

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Speaker 1: inflation again if they do. We just saw a rise

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Speaker 1: in inflation the other day, and there is potential for

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Speaker 1: it to keep on creeping up. We've got dairy prices

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Speaker 1: going up, We've got electricity prices going up, We've got

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Speaker 1: rates going up, on and on and on and on.

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Speaker 1: The budget that we just had last week is not

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Speaker 1: super deflationary, is it. And their job at the Reserve Bank, remember,

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Speaker 1: is not to help the economy grow. That is not

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Speaker 1: their job. Their job is to contain inflation. And it's

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Speaker 1: kind of borderline and they can't take any chances there.

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Speaker 1: Could we have a touch of the old stagflation back,

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Speaker 1: no growth, prices going up feels a bit like that's

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Speaker 1: a risk at the moment, isn't it now? I hope not,

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Speaker 1: But hope is not a strategy. And yet what else

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Speaker 1: have we got left when even the Reserve Bank can't

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Speaker 1: get out of the economy's way. For more from Hither

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Speaker 1: Duplessy Allen Drive, listen live to news talks it'd be

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Speaker 1: from four pm weekdays, or follow the podcast on iHeartRadio.