Yesterday media trumpeted the infinite wisdom of RBA board for doing nothing to help the economy.
Today they are trumpeting the bucket of news which leaves people with brains wondering "Is the main criteria to get onto RBA board incapability to use the toilet pape.... Sorry, email system?"
Never cease to be amused. Some evil forces constantly release GDP and employment data the day AFTER RBA boards makes decision on rates. Our beloved Central Bank is kept in darkness, and makes completely blind decisions.
Not that I do not understand that dates of the RBA meetings and dates of info releases are set by divine forces and mere mortals will be punished for rescheduling them.
This is not the most interesting aspect of the phenomenon.
The most interesting is that it takes on average 6 months for interest rates moves to reflect in real economy.
So the meaning of a current slump in GDP growth (everyone shall understand that in reality it is GDP decline) is that 6 months ago RBA has mad a monumental blunder by not cutting interest rates.
It does not stop there. The meaning is also that yesterday comfortable sitting on the hands is a blunder of Galactic proportions.
Which in turn confirms the blatantly obvious - our beloved Central bank despite all the warnings still has no plan on dealing with the economic downturn.
Which in turn means that the best job ever is ... in RBA. No talent needed, you get paid for doing nothing, and nobody holds you accountable.