Zac Gross

Michele Bullock's speech causes a slight wibble in odds for the next RBA meeting but a fairly ... transitory one.

This is all correct. But is it not worth asking why markets were so astray? I don’t think you have to follow their lead, but it should lead to some introspection on why they diverged.

Standard optimal pricing suggests that firms set prices today as a function of expected future marginal costs incl tariffs. And domestic producers should raise prices as importers get squeezed out. I think it’s a genuine puzzle we havent seen more inflation so far in 2025.

Not to be an unemployment truther but the difference in rotation groups was unusually bad. Maybe worth 0.1% on the headline figure with rounding.

Consistent with a cut - but inflation will matter more.

Is that the first time the RBA has confirmed on the record the previous practice of leaking to favoured journalists?

Why the RBA held. Unemployment has held up at a consistently stronger level than they forecast! Slightly tweaked version.

RBA holds! They were more concerned about the labour market than expected!

Sounds like a captured regulator to me.

The communications regulator @acmadotgov is proposing to extend existing expiring spectrum licences to current legacy telcos for up to 16 years rather than hold a competitive auction process. Spectrum is a highly valuable and finite public asset that should attract the best…