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CPI At 6.9%: Numberwang Strikes Again!

A bunch of stats from the ABS , RBA and APRA. CPI was down a bit but largely due to rebaselining. The Trimmed mean was unchanged.

Building approvals were down (again) and the latest data on lending shows an easing.

Net net, not enough to shift the RBA very far – 25 basis points next Tuesday is still most likely.

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  1. Haha 2024 will be a magical pixie year considering how many people think that will be recovery year. No basis for it just lots of hopium.

    Thanks for good work Martin.

  2. I was waiting for this as soon as i saw the news report, thanks for keeping us informed Martin.
    Btw is it just that im more aware now or are these news programs spruiking realestate more often these days? 🤦‍♂️

  3. Somebody who represents the people of Australia in Parliament should have the moral fortitude to say Proverbs 11:1 concerning the ABS Statistics quote, “A false balance is abomination to the LORD: but a just weight is his delight.", followed with the question why have the weight of measuring inflation changed to cater for the rise in overseas travel (who could be returning to their homeland country) when the issue of cost of living is for people living in Australia? A supplementary question is, why does the governor of the RBA ignore other organizations that specialize in measuring inflation since the government believes they are independent?

  4. Hilarious how CPI doesn't cover rent or increased mortgage interest. 2 major costs of living. CPI is a joke measurement. Cpi Is easily double what they claim. This is pure manipulation to drive down wages relative to costs.

  5. I believe there will be no change to the cash rate. No January meeting will buy them time, plus give them an excuse for whatever the numberwanging is trying to hide. Phil doesn't want to go down in history as the most ineffectual and incompetent Governor by crashing anything.

  6. Yet the absolute garbage i have been hearing the main stream media outlets spouting. I'm far from an expert but you'd have to be mildly retarded to not be able to point out glaring holes in the claims.
    They've been pushing high density housing for years. I've heard numerous developers over the last 15 years being gobsmacked because a 3 unit was knocked back and they were tols to put 5 on, for example. Not necessarily zones people would expect.
    15 minute cities brought to you by C40, NREP, WBCSD, G20, UN, etc etc

  7. Good show Martin. Cheers

    Can you do a show looking at whether the jobs figures look good because we have lost a proportion of workers to covid, either through death or sickness?

    Is it a thing?

  8. Next to the indoor ATM machine are brochures promoting $4000 dollars cash back if you refinance. Which is why that bank you mentioned has had a turnaround in market share. Surely the 🐘 in the room when it comes to inflation. Really is a Neoliberal induced "Cash Splash" with a hangover later on for the refinancer💪

  9. We need a survival price index: Food, water, shelter, electricity and fuel, which would be about 50% over the last 12 Months. As we stop spending on non-essentials viola! the CPLie is less.

  10. This is ominous. Retail sales fell the previous day.
    That means the RBA could be in real danger of pausing rates in December.
    That, combined with a incredible rental shortage, could precipitate yet another housing boom.

  11. I don't think its numberwang. Actually I would have thought it would be much lower considering oil has fallen about 35% from peak. If oil hangs around current rate through the next qtr then we are headed to 4% inflation over the next few months. If oil drop even further to around 62c which I think is where we are headed AND the RBA still has not eased then we are headed to 2% inflation mid next year and I would not be surprised if its earlier and lower.

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