CPI
the monthly CPI came out yesterday and it was very good. It does appear that the previous CPI was an aberration as this one shows the disinflation trend which was apparent up to last month. Both the headline and trimmed mean annual figures fell substantially. The CBA now expects rate cuts in both July and then August and I do not disagree. I would move rates down to the neutral rate and then wait.
ABC
The ABC lost a court case yesterday where both the previous Managing director and Charwoman came out looking very badly. Sacking someone simply because the Israel lobby wanted it is very bad for a media organisation ( it would be equally bad if it were the Palestinian lobby). When it is Australia's premier media organisation it is a national disgrace. We can only hope they have learnt their lesson.
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