We will also get the RBA board meeting minutes today which means we will see what they discussed when they decided not to cut interest rates at the last meeting.

It mostly seems because the board is worried about how many Australians have jobs. Which seems insane, except when you remember that there are a large cohort of economists who believe that tackling inflation relies on a certain cohort of Australians not having jobs. (They are literally taking one for Team Australia and we reward them with below the poverty line payments and mutual obligations which give billions to private job agencies for very little return – but at great cost for those forced to undertake what can be very demeaning tasks).

The thing is, Australia has managed to lower inflation while also having lower unemployment. And there has been no wage-price spiral (where lower unemployment drives wages so high inflation increases and then wages increase to match inflation etc etc etc) despite the never ending warnings from the RBA that there COULD be an issue.

So the economy is slowing down, unemployment in the last ABS update increased but the RBA is waiting for…..something. The minutes will give some insight into what.