Carrington Clarke

It is in some ways...

that an independent central bank, of which the government has no control over beyond appointing the governor every five or ten years or so, makes the call.

They make the hard call.

They wear it.

But there are other things you can do than just pulling this one lever.

We haven't pulled a lot of government levers.

I can rarely think of a time where there's been a better illustration of the fact that the stock market is an indicator of the economy.

It is not the economy.

Here and in the US, you have stock markets at frothy highs.

You have investors saying, we believe that these companies, that everything is going to roll forward, that things are all going to work.

The bit that I have not been able to understand in this AI race is that quite clearly, they can't all win.

Many of them are trying to do exactly the same thing.

And they can't all win.

They are spending so much money in the US that there's actually a flaw under US GDP.

I was talking to Dr. Sally Auld of NAB about this recently.

The outlay, the capital outlay, data centres, technology, building these environments, so much money has been committed and is being put in concrete that US GDP has a floor under it for the next kind of six months to a year.

We know what the minimum is.

is because there's so much being outlaid.

I keep coming back to the fact these are competitors.

They cannot all win.