US stocks slipped a little overnight, while bonds sold off and the US dollar found some support. This could be the start of a very important trend, or it could be a one-day wonder. Anyway the impact on the local market is that the SPI 200 is down again off […]
The surge in property prices, especially in Sydney and Melbourne has made home owners extremely wealthy but cruelled the prospect of home ownership for many who aren’t already in the market. That’s especially true for younger Australians. That is causing some intergenerational issues in housing, which is a bigger question […]
Outgoing RBA governor Glenn Stevens has again taken the ball up on an important economic topic for Australia. Amid the current debate over the sale of Ausgrid in New South Wales, complaints by land holders about who they can sell to, and calls for transparency in FIRB decisions, the clear […]
On September 18 2016, Glenn Stevens will end his ten-year mandate as governor of the Reserve Bank of Australia (RBA). His experience in the top job provides a wealth of lessons for the next generation of policymakers; that’s arguably his most important legacy. A graduate from the University of Sydney […]
There is a bombshell footnote to the valedictory speech delivered in Sydney this week by RBA governor Glenn Stevens, who steps down next month. Here it is (it’s the very last footnote here – my emphasis added): I can recall being asked by an IMF official during the mid 1990s […]
Glenn Stevens is today delivering his last public speech as governor of the Reserve Bank of Australia, where he steps down next month after 10 years in the job. Stevens has warned in the past on the risks political intransigence poses to economic reform and fiscal policy, but today he […]
The ANZ’s Australian economics team believes it was not what RBA governor Glenn Stevens’ said today, but rather what he didn’t, that led to the Australian dollar coming under renewed selling pressure, taking it to as low as .7185 against the US dollar. The team, led by Felicity Emmett, explains: […]
If you’re watching the level of the Australian dollar, you’d be forgiven for thinking that it’s Groundhog Day. For the the fourth session on the trot it’s closed around .7220 against its US counterpart. It’s been an amazing period of consolidation all things considered, especially given it had fallen by […]
RBA governor Glenn Stevens just joined the chorus of central bankers and supra-national bodies calling for governments to do more to support their own economies and reduce reliance on monetary policy alone. At the Credit Suisse Global Markets Macro Conference in New York overnight, Stevens said monetary policy had certainly […]
Pushing aside rampant speculation as to whether he would, or not, RBA governor Glenn Stevens has resisted the temptation to place downward pressure on the Australian dollar this afternoon, instead using the opportunity to talk up the recent performance of the Australian economy. In prepared remarks to the ASIC annual […]
One of the big questions for the Australian economy this year is whether or not 2015’s surprising strength in the employment market during 2015 was real or just a statistical quirk. If the strength was a mirage, and there is substantial give back in 2016, then the economy is likely […]
RBA governor Glenn Stevens is a man with a lot on his mind. As the head of the central bank of a small open economy with a freely floating exchange rate, large exposure to commodity prices, a massive trade partnership with China, a hole left by the mining investment boom, […]
The grumbling about “Abbott’s office”, the shorthand for Tony Abbott’s chief of staff Peta Credlin, started less than a year after the Coalition came to power. That Credlin’s management style made MPs, business leaders, and other stakeholders feel isolated is a matter of record. The failure to build and maintain […]
Monetary policy isn't just about borrowing costs anymore.
Time, and the next budget will tell.
Consumer desire to spend is muted.
Downgrading inflation expectations.