Stephen Koukoulas

Of course, they're our major export market.

So there are things happening –

under the surface, if you like, that are still reasonably positive for our economy.

And the other thing about householders too, they've accumulated a lot of savings.

So there's a savings buffer there.

The ASX is rocketing along.

They're doing extremely well.

House prices are going up.

So there's a wealth effect there.

So there's a million and one moving parts in the economy.

The ones that get the

attention, probably because they've got a higher weighting in how we analyze the economy, consumer sentiment and household spending, these sorts of things, and the business confidence measures, they've just come out.

And yeah, no surprises.

They were weak, as you said.

The short answer is yes.

As you said, Andrew Howser, Deputy RBA Governor-

talking about a nightmare, I think was the word that he actually used when they're confronting this combination of higher inflation, which by itself demands higher rates unambiguously, but they do have at the corner of their eye or the edge of the radar, what is happening to activity as we were just discussing.

So is the economy weakening precipitously?

Maybe.

And the unemployment numbers are part of their mandate as well.