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Speaker 1: So what do we know today that we didn't know

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Speaker 1: yesterday after the big show from the Reserve Bank. Well,

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Speaker 1: the answer is not much. Really. The cut was expected

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Speaker 1: priced in their outlook bit more rosy on growth. It

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Speaker 1: looks like this is the end of the cycle for cuts.

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Speaker 1: But beyond that it really is all guesswork, isn't it.

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Speaker 1: The outlook, the central outlook was what they call balanced,

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Speaker 1: meaning if we keep our wallets closed, that could hurt

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Speaker 1: the outlook, could hurt the economy. Higher house prices, export prices, well,

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Speaker 1: they could help it. Are we any wiser? We put

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Speaker 1: a lot of faith in the OCI to get us

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Speaker 1: out of the rut, and even though this is despite

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Speaker 1: the fact, it hasn't actually really worked for us thus far,

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Speaker 1: has it, even after six rounds of slashing. At one

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Speaker 1: point in the press yesterday the Chief Economist was almost

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Speaker 1: repeating this like it was a mantra, as if by

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Speaker 1: saying it over and over again he would will it

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Speaker 1: to happen. There are two problems here. First, we've heard

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Speaker 1: it all before and not seen the results in Two,

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Speaker 1: by their own admission, the GDP numbers that we've been

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Speaker 1: relying on aren't reliable of seasonality, in the numbers, especially

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Speaker 1: for that shocker in June where we apparently went backwards

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Speaker 1: almost eight percent. We didn't. The computer's a bit bust

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Speaker 1: after COVID hasn't quite caught up. Basically, the good news

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Speaker 1: it probably wasn't as bad in that quarter as they

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Speaker 1: said it was. The bad news growth the following quarters

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Speaker 1: probably wasn't as good as forecast either. So giveth with

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Speaker 1: one hand and taketh with another. So we have a

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Speaker 1: system we're hoping like hell will still work in this

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Speaker 1: new post COVID tariff environment with sticky inflation and pretty

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Speaker 1: lame o growth, and the numbers well, we can't really

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Speaker 1: rely on them, which if you cast you in mind

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Speaker 1: back to quarter two, they get blown up by us

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Speaker 1: in the media. We're guilty as charge, scaring people into

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Speaker 1: closing their wallets again and again, perpetuating the cycle. To

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Speaker 1: be fair, there's always been a lag with the ocr

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Speaker 1: working its magic, and at some point surely will hit

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Speaker 1: the g spot again for growth, if for no other

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Speaker 1: reason than what goes down must at some point bounce

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Speaker 1: back up. For more from early edition with Ryan Bridge,

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Speaker 1: listen live to News Talks at b from five am weekdays,

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Speaker 1: or follow the podcast on iHeartRadio,