As relevant as ever…

There is hope that there is some seasonality but growth concerns in China and specifically in the steel sector mean that most medium term forecasts aren't overly optimistic.

Consumer sentiment ticks a touch lower, not much to see on sentiment but unemployment expectations jumped which is concerning

This is a concerning chart, if people feel insecure in their employment then it wouldn't be a surprise to see them become even more cautious with spending

NAB survey makes for dismal reading, surveyed conditions grinding lower and confidence falling back into negative territory

Lack of profitability will lead businesses to focus on costs as passing them on to consumers in a weak demand/disinflationary environment becomes more difficult.

Some countries will care more than others

While GDP per capita gets the headlines in the wake of the national accounts, measures of living standards are equally as concerning.

This would be the last group I would be concerned about when considering this type of policy.

Seems distinctly unhelpful and a responsibility the RBA doesn't need. Besides, governments can incentivize investment in to sectors it wants capital to flow. afr.com/policy/economy…

RBA's Hunter noting that the labour market is still relatively tight. But the RBA's problem is that if it want's more slack in the labour market its policy settings are far less impactful on the sectors where employment is growing

The Bank's tightening cycle has been relatively effective in curtailing employment growth in the private sector. It is in the non-market sectors where it has had little discernible impact. Simply put the RBA are saying that the public sector is working against what it sees as

Despite a slight upside on core inflation against expectations disinflation momentum outside shelter remains. While I'd think if the Fed is serious about limiting the rise in the unemployment rate it should cut 50bp in September - consensus has formed around 25bp

Whether Australia is lagging or different on inflation the outcome is the same for the RBA - it lacks the confidence that core measures of inflation currently have enough disinflationary momentum to ease any time soon.

From arrivals and departures data, labour supply to remain solid in coming months

Surveyed inflation expectations edged down slightly but cost of living/inflation as an issue is still very much front of mind for households

This is a milestone chart for the global economy: For the first time, China’s ultra long-end government bond yields have fallen below those of Japan.

The narrative that real incomes will recover and this will underpin a recovery in real household spending is key in the RBA's forecast of better economic growth from here. Seems to me that risks are skewed to the downside as households adjust to a new paradigm of cost of living