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Wednesday, 19 June 2019

No reason for the RBA to wait

Glynn's take

I've very much enjoyed reading James Glynn in my Wall Street Journal app this year, as one of the most informed commentators on Aussie monetary policy.

Always straight to the point and almost unerringly accurate. 

Yesterday in Glynn's take he argued that there's no point in the Reserve Bank delaying action, calling for another rate cut in July to an official cash rate of 1 per cent, followed by a possible further salvo of cuts towards the end of the year. 

Today's skilled job advertisements figures did little to dispel the notion, with another decline in May taking the trend year-on-year decline out to 6 per cent. 

There were year-on-year declines across each of the three main states, and in 7 of the 8 major occupational groups. 

There's been some growth in white collar and professionals vacancies, but tellingly the construction and trades ads have dropped away sharply. 

Thus the strong jobs recovery rather looks set to die on its, erm, feet.


As the Aussie dollar scrabbles around at decade lows, benchmark iron ore spot prices have ballooned to multi-year highs across all the major grades.

I wanna see the receipts!