 It's Carrington Clark and his guest maker of it all. He's standing by with Mark Bailey from Fixed Securities. Carrington, take it away. Good afternoon to you, Ned Day. Mark Bailey, thanks for joining us. Let's go through some of the data that we have seen. We've been talking about it a little bit already, but it's all basically been weaker since the last time they met. Things aren't improving since the 25 basis cut that they did a few months back. Surely there are enough reasons to go now. Why wait? Why does the RBA need to wait to watch for this inflation number? Wait to the statement of monetary policy. They know things aren't great. Use the ammunition now. Get ahead of the curve. Yeah, look, I mean, the data has been weak predominantly throughout June. And again, that's kind of reflected in the retail sales figure that you saw today, which was underneath the consensus at 0.2 versus 0.3%. And as a result, you've seen the Australian 10-year now trade below 194, which is a record all-time lie. So, you know, the market is certainly pricing in lower rates. I don't think they will go today. And the question is, why not? Well, I think they've always talked about taking time for them to come through the interest rate cuts, taking time to come through the system. And I think that's the case from May's cut as well. You know, it takes six to nine months at least to get come through. But I think if things haven't improved and yet more data coming through in July, I mean, August is certainly alive and I think the market is pricing in a 50-50% chance of a cut. So, I think, you know, we are going in a lower rate environment globally as well as domestically. And that is exactly what the bond markets are telling you. But this is part of the problem for them, is it not? That the rest of the world has already indicated they're going to go lower. It's suggestions already from Japan. We've suggestions out of Bank of England. Obviously, they're more affected by what's happening with a Brexit vote than we are here. We're disconnected from it. But if they're going to go lower, you're potentially going lower. We're not going to see any upward movement from the Fed. That's going to put pressure on the Aussie dollar. If the Reserve Bank goes today, they get ahead of that potentially, puts them down with pressure on us and help the economy through. Surely that's a strong argument for them to go now and not wait. Yeah, I don't think so. I think the currency side of things is kind of a secondary consideration. Obviously, employment and GDP growth is the primary ones. And in that regard, yes, if they do go today, you'll get a bit of negative weakness in the Aussie dollar. But I think it'd be temporary. You still look at the underlying yields of Australia versus the other countries, and they're still considerably higher. And that's even despite the fact that maybe you do lose a triple A rating. The rating agencies are pretty sanguine at the moment, but they're saying, like, if we don't sort the budgets out or there's no credible plan to get that back into surplus, then that's the likelihood of a cut. But even at double A plus, which is probably the worst case scenario, I don't think it makes any difference. And in the actual fact, when you have seen governments lose their triple A rating, like the US back in August 2011, much more recently with the S&P cutting the UK to, not just to double A, bond yields have continued to rally and fall in those situations, because again, it's kind of the underlying fundamentals behind those decisions. Bond investors naturally seek safe haven assets, and those are the prime examples. And I think it's almost irrelevant what level outright yields are, as we just talked about, the Aussie 10 year at 195, sub 195. Investors will automatically go to that safe haven asset class, and no matter what the price is in times of crisis, and that's going to continue going forward. And that's why I think you're going to see lower for longer in terms of rates and yields on bonds. The immediate aftermath of the Brexit vote was huge volatility in global markets. We saw massive sell-offs in European markets, particularly in their bank stocks. London was hit hard by it as well. It spread across to Wall Street, but the recovery last week was just as remarkable. We effectively got back to where we began. Do you think the Reserve Bank no longer cares about the Brexit vote? Is that not even going into their thinking when they're assessing whether or not now is a time to try to get comfort to markets? Is that no longer an issue? It is the main game in town. What happens with the Federal Reserve? I mean, the main game is usually what happens in the Fed's thinking. And I think that given Brexit, I think that has delayed its considerations for hiking. The market's even maybe pricing in a cut this year, which I think is probably a bit too dovish. I think probably rates on hold, maybe one hike towards the end of the year from the Fed. But in terms of Brexit, I'd be very surprised if Brexit isn't mentioned in the statement in terms of the market volatility that we've seen. The commentary in the last couple of months statements has been that volatility has abated. We're seeing a bit more calm in the markets. And I think the RBA has to acknowledge that we've seen volatility come back in the markets. Yes, we've bounced back to levels almost pre-Brexit, but we're still seeing indications from maybe from the Italian banking sector and in terms of their problem lines and their write downs that need to come through that everything is still not okay in the banking sector in Europe. Absolutely, Mark. We're gonna have to leave it there. Back to you in the studio. We will be joined by David Bassanese for Beta Shares a little bit just before we get that decision from the RBA down to 29 pass, bring it to you live as soon as that decision drops. Nadine. Looking forward to it, Carrington. We will see you then. Thank you.