Trouble brewing down under...
The Reserve Bank of Australia has cut the official cash rate again on Tuesday. https://t.co/8MbSKUy1OK— Mathew Hambrook (@HambrookMathew) July 3, 2019
Australia fiscal balance at/near surplus and depository institution system non-risk assets at the central bank showing a fairly rapid increase (nearly 10% in one week) ... not looking good... Treasury maybe leaving surplus tax receipts in depository accounts? ... if so then "we've seen this movie before!" (I'll throw in a figure of speech for our regular moron readers here so you all don't feel left out)...
Anyway don't see how a rate cut fixes this... perhaps a big fiscal tax rebate to get back to deficit and get these non-risk assets off the depository's balance sheets depressing regulatory ratios..
Bill reporting shitty growth of 1.8%, UE above 5%, weak property prices... sad to watch... morons at work...
