The real story of the RBA rate cut (via WikiLeaks)
Transcript from an intercepted phone call late last week
"Hello, welcome to the RBA, how may I be of service today?"
"Hello, Glenn Stevens please"
"May I ask who's calling?"
"Scott Morrison, Treasurer"
"Oh, hi Scott - thanks for the fairy cake recipe! I'll just get Glenn"
[hold muzak, "Somewhere, over the rainbow"]
"G'day Scotty! How are ya mate?"
"G'day Glenny, can't complain, yourself?"
"Maaate, I'm flat out like a lizard drinking!"
"Yeah, me too, budget coming up ... hey, on the budget, you reckon you can do me a favour on the day Glenny?"
"What's that mate?"
"Well, you know how you'd like to get your mate Lowey [Morrison referring to current deputy governor Phillip Lowe] confirmed for the top job there before you retire?"
"Yeah, that'd be sweet bro"
"Well, I can get that done for you, all I need is a little interest rate cut before the budget on Tuesday and Lowe is a done deal. How does that sound?"
"Mate, no dramas at all. The CPI has given me cover - I'll get Tuesday sorted for ya"
[The rest of the conversation was about footy and caravans, not relevant here]