Michael Thompson

Anyway, economic momentum is slowing, financial conditions tightening.

And as we found out this week, Australian consumers, Adam, of which you are one, so this has your subjective bias very much at its heart.

We are deeply, deeply, deeply pessimistic, right?

The Westpac Melbourne Institute Consumer Sentiment Index at or near or around its fifth, the lowest it's ever been in its 50-year history.

The cost of living, drop in house price expectations, kind of the war and fuel prices, all of these factors all adding into it and the NAB business confidence.

Five.

survey shows... The vibe.

Oh, the vibe.

I thought you said five.

I'm like, yep, I'm here for whatever that is.

Yeah, the vibe.

I mean, the vibe is bad right now.

It's a bad vibe in the economy.

The now business confidence survey shows confidence remains firmly, firmly, firmly negative.

It cannot be more firm.

The handbrake has been well and truly applied to the Australian economy, whether it's through kind of interest rates or...

or the war, the cost of living, everything.

It's just everyone.

It's just miserable.

Rate cuts will be next, a little way away.