Friday 20th June 2025

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Research by CEDA (the Committee for Economic Development of Australia) shows that in the last fifty years or so the construction industry has not made the productivity gains experienced in manufacturing. In fact, the dwellings made by each construction worker has fallen by about 50 percent since the 1970s. James Brook, an economist at CEDA, worked on a recent report ‘Size Matters: Why Construction Productivity is So Weak’.

The report highlights that, as well as the difficulty in sourcing materials, and the rising bureaucracy around planning regulations, the predominance of very small businesses in the construction sector is a barrier to the adoption of more productive techniques. James takes Phil through their findings in this weekend’s podcast.

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Friday 20th June 2025

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Oil prices are still elevated over the question on whether the US will side with Israel in the war with Iraq and the possible repercussions of such a move. But the US President has left the door open for negotiations, now saying he’ll decide on US involvement in the next two weeks. Meanwhile, the Bank of England kept rates on hold, whilst the Norges Bank and Swiss National Bank both cut rates. NAB’s Gavin Friend says this was the first cut in this cycle for the Norges Bank. He also discusses with Phil Australia’s employment data from yesterday and looks ahead to UK retail sales and Japan’s national CPI.

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Thursday 19th June 2025

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The Fed agree unanimously to keep rates on hold, but the expectation of two cuts this year was enough for shares to rise a little today before finishing flat, no doubt driven down by geopolitical uncertainty and more weak data. NAB’s Tapas Strickland says the one central bank that did surprise was the Riksbank. A cut was priced in, and was delivered, but the market was surprised at the prosect of another cut. Tapas also talks about the continued perceived weakness in the US dollar as the global reserve, with the PBoC head talking about a new world currency order, where no one currency dominates. The main number today is the Australian employment read, and three central banks meet, including the Bank of England. Everyone today though will be keeping one eye focused on the news - will the US be drawn into the Iraq-Iran war?

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