Gavin Friend

speaker

7,937 appearances 60 recordings 1 series first heard Sep 2024 last heard 2 Sep

Gavin Friend’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 29 in all, peaking in Oct 2025 with 5.

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NAB Morning Call · The Waiting Game · 7 May 2026 podcast

They don't react in the same way that, you know, pump prices, petrol and diesel do. matched

Um, and their kind of prices are more linked to sort of longer term contracts and uh, you know, government interventions and those kinds of things. matched

It'll come through in terms of the term tr terms of trade in time. matched

But um but it's a bit of a slower move up. matched

The other point worth mentioning about this big deterioration in the trade balance in March is actually that the bigger driver was a huge import uh surge in advanced data processing equipment linked to things like data centers. matched

Um and that's a reflection of you know corporate investment um into that sort of sector, capital investment, sorry, into that sector. matched

Sector. matched

And, you know, while we might like to think that, um, you know, that's a that's that's obviously a positive in the bigger picture. matched

There's obviously the side effect of this that this will be a net drag on you know, in terms of the contribution from from net exports on GDP in that Q1 number when that comes out. matched

It doesn't come out until June, but um matched

worth bearing in mind. matched

And I guess that's why if you looked at the Bloomberg consensus, nobody was looking for this. matched

And I think, you know, they were caught a bit off guard by matched

uh by that move in um in uh in in data center equipment. matched

Yeah, sales down naught point one percent. matched

I mean actually it's better than the forecast, point three, but there was a downward revision to February's numbers. matched

Um, and you know, there was an almost two percent fall in auto fuel. matched

Uh again, to your point that this is these are volume numbers, they're not value. matched

No surprise there, I don't think. matched

Uh the sale the sales of food and drink and tobacco fell point three percent. matched

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