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Speaker 1: I would have thought the Nzier numbers yesterday sealed the

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Speaker 1: deal for the Monetary Policy Committee in today's call, the

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Speaker 1: inztier was the last substantive look at the economy, and

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Speaker 1: what it shows is we've got real trouble, quite possibly

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Speaker 1: in fact, recessionary trouble. The quarter IEQ three they think

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Speaker 1: was certainly flat, if not in contraction. If it's in contraction,

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Speaker 1: you can add that to the Q two contraction, and

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Speaker 1: that once again is a recession. How many of these

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Speaker 1: do we want, and in the Reserve Bank's case, how

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Speaker 1: many do they want given they can actually do something

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Speaker 1: about them. Two particularly poor, if not concerning parts of

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Speaker 1: the data show one more jobs being cut, So that's

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Speaker 1: your unemployment rate heading higher, shattering the idea that we

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Speaker 1: may have reached peak. And two inflation expectations are heading

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Speaker 1: north of three the band, remember is one to three.

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Speaker 1: Trouble with that is the three isn't coming from growth,

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Speaker 1: which is traditionally what you want. The term for no growth,

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Speaker 1: but increasing inflation is of course stagflation. We could relitigate

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Speaker 1: again how badly the bank have handled this, How they

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Speaker 1: missed Q two despite that being their job. How they

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Speaker 1: kept telling us these stimulatory effects of lower and tes

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Speaker 1: traits were here or just about here, or here any

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Speaker 1: day now. And if in fact they were here, they

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Speaker 1: got swallowed by the councils and the power companies and

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Speaker 1: the insurance giants. Anyway, surely fifty points as are given, well,

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Speaker 1: it isn't. Of course, there remain those who argue twenty

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Speaker 1: five should do it today, in another twenty five next month,

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Speaker 1: then we can all head off to Christmas fingers crossed. Ah.

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Speaker 1: My argument today, it's about more than stats and numbers.

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Speaker 1: It's about the psychology of an economy in a country.

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Speaker 1: The government of tribe but largely failed to jolly us along,

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Speaker 1: to sell us the story of recovery. The Reserve Bank

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Speaker 1: have spectacularly failed, but they can help today with fifty

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Speaker 1: because it says we got it wrong, we missed it.

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Speaker 1: We need to father this joint up and here is

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Speaker 1: our shot, and it's a big one. Go on, Christian

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Speaker 1: be bold, second to last time, don't die wondering. For

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Speaker 1: more from the Mic Asking Breakfast, listen live to news

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Speaker 1: podcast on iHeartRadio.