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Speaker 1: Now the mail I'm getting got a bit more official

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Speaker 1: yesterday with Fitch are suggesting they think the Reserve Bank

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Speaker 1: isn't done. A lot of people thought the Reserve Bank

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Speaker 1: was done cutting the cash rate. This is filling in. Well,

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Speaker 1: the filling Governor Hawksby basically said as much last week

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Speaker 1: now on the inference that it was over. What's happening

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Speaker 1: here as swap rates on the wholesale market have started

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Speaker 1: going up. Now why should you care about this? Well,

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Speaker 1: because if you owe money to a bank, a lot

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Speaker 1: of their income to lend comes from wholesale markets. It

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Speaker 1: goes up, so does your interest bill, which is what

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Speaker 1: has been happening since last Thursday. Now, this is where

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Speaker 1: we get into subtlety in nu Once. Technically, Hawksby said,

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Speaker 1: the bank remains open to further action. So if you

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Speaker 1: line Hawksby up in a court, you could defend himself.

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Speaker 1: But as always in these matters, it's the in between

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Speaker 1: the line, you know, it's the nod and the wink

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Speaker 1: stuff that the markets read, and they're reading an end

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Speaker 1: and as a result, the numbers are rising. Tied in

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Speaker 1: but sort of in a sight. If another cutter is coming,

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Speaker 1: as Fitch suggests, things are further complicated with our dollar

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Speaker 1: given places like Australia are doing the opposite. Of course,

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Speaker 1: their reserve bank is closer to hiking than cut. That

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Speaker 1: affects how the world sees our economy and our currency.

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Speaker 1: In at eighty seven Australian and forty three to the pound,

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Speaker 1: we look anemic. Fitch, for good measure, seems downbeat about

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Speaker 1: our recovery as well. They're calling two percent growth next year.

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Speaker 1: That's GDP two percent. They were saying two point seven.

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Speaker 1: Now this brings in the government. The government in election

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Speaker 1: year would like two point seven over two percent. Obviously

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Speaker 1: two percent they can work with, I guess, but two

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Speaker 1: point seven that would be a home court advantage, wouldn't it.

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Speaker 1: And if you want one more thing, that kind of

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Speaker 1: backs up the Fitch funk Black Friday, as Andrew told us,

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Speaker 1: didn't work. Spinning was down on last year. Personally, I

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Speaker 1: think that's about it being a crock of you know what,

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Speaker 1: and it's more clickbait these days than it is bargains

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Speaker 1: and people are basically over being ripped off. But that's

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Speaker 1: just me so anyway, hawksby with a trail of questions

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Speaker 1: left behind as he heads off to the Beach. If

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Speaker 1: you were one of the so often quoted ones who

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Speaker 1: are rolling out of one mortgage into another, these still

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Speaker 1: seem to be some pretty tricky times to try and

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Speaker 1: get it right, and you want to hope that Fitch

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Speaker 1: basically is misread. For more from the Mic Asking Breakfast,

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Speaker 1: listen to News Talks at B from six am weekdays,

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Speaker 1: or follow the podcast on iHeartRadio