Market popped on the open and fell apart from there to deliver a flat day as sentiment starts to fade on global growth outlook. Local economic data on wages growth showed that we are at historical low levels…slightly ahead of benign inflation…while households are carrying historical high debt and underemployment worries. Australian economy is like the Australia cricket team. Eventually reality hits everything and both the cricket team and the economy is facing tough times. The administrators on both sides are swimming in the river called denial but the facts are hard to ignore. Time to be nimble in an uncertain global macro!!! For the full report… (VIEW LINK)
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