From the ANZ.
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4 comments:
No cut until Battellino resigns!
While Boom Boom is still on the board Australia will continue to endure higher-than-necessary interest rates.
If the ANZ are right about inflation, I wonder if Joye, Carr, Bloxham et al will admit they were wrong all along? Bloxham has softened a bit, but I can't imagine Chris Joye admitting he was wrong about anything ever.
He has mate. Read him. I point to him in an earlier post.
Thats not an apology from Joye, that's a list of excuses:
- Floods & Earthquakes
- Euro debt crisis (which has been brewing since the GFC and was entirely predictable. See Rogoff and Reinhart)
- Revisions to the way the ABS calculates the CPI.
Joye has been carrying like Australia had a looming inflation disaster all year. There were plenty of people saying this was overblown (see MacroBusiness).
This is no apology. And if the CPI comes in at 0.7% or above I expect his demands for a rate hike will resume.
Kohler was worse:
"The June quarter consumer price index is a disaster."
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