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Speaker 1: Yeah, well, I'm sorry to say it's a little bit

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Speaker 1: of a bad day, a day of rather bad economic news,

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Speaker 1: I'm afraid. Let's start with the GDP number. So it

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Speaker 1: is zero point two percent for the last quarter of

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Speaker 1: last year, which is very much of at the low

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Speaker 1: end of what we were expecting. We were expecting somewhere

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Speaker 1: in the range of zero point two all the way

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Speaker 1: up to zero point five percent, which is what the

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Speaker 1: Reserve Bank had picked. The problem with that is those

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Speaker 1: were the good types. That was the number that we

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Speaker 1: got before the Iran war kicked off. So it's not

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Speaker 1: much of a place to start from, is it. Now.

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Speaker 1: The good news is that at least we are recovering. Yep,

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Speaker 1: it's slow. It is grinding, which we knew it was

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Speaker 1: going to be, but it is real. We recorded one

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Speaker 1: point three percent growth for the year, which is not

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Speaker 1: a lot, but at least it is growth because this

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Speaker 1: is the first time in more than two years that

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Speaker 1: the economy has posted annual growth. Now, because it's also

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Speaker 1: at the low end, it means the Reserve Bank has

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Speaker 1: a little bit more latitude when it makes its OCR decision.

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Speaker 1: It can look through the inflation spike that the Iran

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Speaker 1: war will absolutely cause, which means that the Reserve Bank

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Speaker 1: doesn't have to be in such a hug urry to

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Speaker 1: raise the official cash rate to deal with that inflation.

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Speaker 1: The second piece of bad news we got today is

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Speaker 1: that the war has escalated. Israel has struck Iran's oil field.

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Speaker 1: It has sent the price of oil up past one

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Speaker 1: hundred and ten US dollars a barrel. It is noticeable

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Speaker 1: that the government's tone has changed on our fuel now

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Speaker 1: they've just updated the country a couple of hours ago.

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Speaker 1: They do not sound as relaxed about fuel into the

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Speaker 1: medium term eights weeks away that they may have earlier

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Speaker 1: in the weekend. I will run you through all the

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Speaker 1: details of that shortly. Now, again, there is a little

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Speaker 1: bit of good news here. We are mostly reliant on

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Speaker 1: South Korean and South Korea and Singapore for our oil.

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Speaker 1: They are still supplying their customers. Australia, on the other hand,

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Speaker 1: is much more reliant on China than we are. China

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Speaker 1: has banned exports, so you know, let's take the bright

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Speaker 1: side here. Our supply looks better than some. At least

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Speaker 1: we are growing, which gives us at least some reason

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Speaker 1: not a panic on a day of not great economic news.

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Speaker 1: For more from Heather Duplicy, Alan Drive, listen live to

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Speaker 1: news talks It'd be from four pm weekdays, or follow

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Speaker 1: the podcast on iHeartRadio