Latest / Best of Business / Perspective with Heather du Plessis-Allan: Anna Breman delivered a refreshingly boring OCR update

Transcript

Perspective with Heather du Plessis-Allan: Anna Breman delivered a refreshingly boring OCR update · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talks at b
• 0:12
  Speaker 1: follow this and our wide range of podcasts now on iHeartRadio.
• 0:16
  Speaker 2: So as I say, yep, the official cash rate has
• 0:18
  Speaker 2: gone up today by twenty five basis points. This is
• 0:20
  Speaker 2: the first rise that we've seen in three years. It
• 0:23
  Speaker 2: was unanimous around the committee table that this needed to
• 0:25
  Speaker 2: happen for the reason of inflation, because even though petrol
• 0:28
  Speaker 2: and diesel prices have fallen sharply since the Iran War
• 0:31
  Speaker 2: cease fire deal was struck, they are not back to
• 0:34
  Speaker 2: pre war levels yet and they will not be for
• 0:37
  Speaker 2: some time, and that, of course, is inflationary. You know
• 0:40
  Speaker 2: what struck me today though, was that even though this
• 0:42
  Speaker 2: is the first hike in the official cash rate in
• 0:44
  Speaker 2: three years, and even though there is not an all
• 0:47
  Speaker 2: consensus among high profile economics economists that this should happen,
• 0:51
  Speaker 2: I and plenty of them are calling very strongly for
• 0:53
  Speaker 2: this to be held for the sake of the economy.
• 0:55
  Speaker 2: There isn't nearly as much angst around this as there
• 0:58
  Speaker 2: was around any of the decisions that Adrian or made,
• 1:02
  Speaker 2: even when they were decisions that we wanted, because we
• 1:04
  Speaker 2: got angsty because they were either too late or too
• 1:07
  Speaker 2: early or too war whatever. Instead, the press conference today
• 1:11
  Speaker 2: was boring, Like so boring, it was refreshing. Anna Breman
• 1:15
  Speaker 2: slowly talked us through her decision with a slide show.
• 1:18
  Speaker 2: She let Paul on one side of her pipe up
• 1:20
  Speaker 2: occasionally Karen on the other side was allowed to pipe up.
• 1:23
  Speaker 2: She took questions from journalists on video link. She explained
• 1:26
  Speaker 2: really basic economic concepts to them.
• 1:31
  Speaker 1: All.
• 1:31
  Speaker 2: The impression that you got the whole way through was
• 1:34
  Speaker 2: that Anna Bremen is in control because we knew this
• 1:37
  Speaker 2: was This was not a surprise, We knew this was coming.
• 1:39
  Speaker 2: It was really well signaled. Seventy percent of the economists
• 1:42
  Speaker 2: were expecting this, the market had priced it in the ends,
• 1:45
  Speaker 2: ins at Ier shadow board was picking it. There was,
• 1:48
  Speaker 2: as I say, consensus around the committee table. Gives the
• 1:50
  Speaker 2: impression that she's not their victim of a knee jerk reaction,
• 1:54
  Speaker 2: but it is quite deliberate in the path that she's taking,
• 1:56
  Speaker 2: when you could argue that her job right now is
• 1:58
  Speaker 2: every bit as hard as Adrian ours was. Adrianaws was
• 2:01
  Speaker 2: at least towards the end of his tenure. Because this
• 2:04
  Speaker 2: Iran stuff is really mucking around with predictions isn't it
• 2:07
  Speaker 2: that press conference was so boring and so angst free
• 2:11
  Speaker 2: again that it gives me some hope that the further
• 2:13
  Speaker 2: that we get away from COVID and the characters who
• 2:16
  Speaker 2: were in COVID, the more things will return to their
• 2:18
  Speaker 2: boring averages, and we will get on with each other
• 2:20
  Speaker 2: and get on with the jobs that we're supposed to
• 2:22
  Speaker 2: do a lot better.
• 2:24
  Speaker 1: For more from News Talks at b Listen live on
• 2:27
  Speaker 1: air or online, and keep our shows with you wherever
• 2:30
  Speaker 1: you go with our podcasts on iHeartRadio