Stephen Koukoulas
speaker
2,355 appearances
24 recordings
2 series
first heard Apr 2026
last heard 2d ago
Stephen Koukoulas’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 24 in all, peaking in May 2026 with 6.
Appearances
And when uh the market participants invest in a bond
They take account of uh the inflation rate.
uh underlying value of the bond sort of eroded by high inflation, particularly for a ten year bond, for example.
Right.
So yields go up.
And the higher the yield
the higher the interest payments that the Treasury in the US, in Australia, in the Eurozone countries, in the UK have to pay.
So it it actually makes your budget problem worse.
And so with a huge budget deficit in the US, uh, the US bond market is blowing up, and that's sort of permeating around the rest of the world.
We're seeing increasing volatility in stock markets, uh, and that's going to be something that is going to be fascinating because you don't want the bond market, the so-called risk-free part of investing in the economy, to be blowing up because then you actually undermine all sorts of confidence in the
economy.
Look, I think the thing that's come through in the data, not just last week in the national accounts, but just sort of the momentum of the last, well, six to twelve months has been capital expenditure increasing.
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Now, why does that matter?
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Well, it matters probably most importantly because it does allow for firms to be more productive.
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They're not investing in data centers or warehouses or machinery, plant, and equipment for fun.
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They're doing it to make their business more profitable.
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Uh to expand their operations.
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And with that, the economy expands.
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So the fact that CapEx was up 10.5% in the year to June this year, and expectations for next financial year, so 26-27 financial year, are for another 15% growth in capital expenditure.
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That's a sort of um fundamental driver of productivity, of output.
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Showing 141–160 of 2,355 · page 8 of 118
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