WEEKEND ECONOMIST: Another cut on the way

This week's national accounts revealed sharp slowdowns in the consumer, housing and retail sectors. That makes another rate cut in October very likely.

Next Monday we will see the Reserve Bank governor's semi-annual appearance before the House of Representative's Standing Committee on Economics. His opening statement will provide an opportunity for a more detailed justification for this week's rate cut. We will be particularly interested in how he deals with the stronger-than-expected boost to spending on investment goods.

Some commentators argue that the details in this week's national accounts make it less likely that we will see a swift follow up to this week's move.

We take the contrary view.

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