michele bullock is the person best placed to take the reserve bank into the future. le is an outstanding economist, but also an accomplished and respected leader. her appointment best combines experience and expertise with a fresh leadership perspective at the reserve bank as well. this is the right call, but it is not an easy call, and i want to acknowledge that as well. this comes after months of deliberation and consultation, and we have come at this in the most methodical and considered way that we could. this is a big job. this is one of the most important appointments that we will make as a government, and so we have treated it methodically and in a considered way as well. i want to say as the pmd that we thank phil lowe for more than four decades of dedication and commitment and service, not just to the reserve bank and not just at the economy, but our country as well. phil lowe goes with our respect, he goes with our gratitude, and he goes with dignity, and i want to make that clear. and on a personal level, i have really valued my working relationship with ph

briefly turn to australia now because its central bank is appointing its first female governor, michelle bullockhilip lowe at the helm of reserve bank australia. his term is due to finish on the 17th of september and marks the end of his 43 year career at the rba. us secretary of state antony blinken has told china's top diplomat in a meeting at jakarta that washington will take action to hold hackers accountable. it comes after microsoft said china—based hackers gained access to the e—mail accounts of around 25 organisations. the software giant has not provided details of where those government agencies are based but the us department of commerce has confirmed to the bbc that microsoft notified it about the attack. now to thailand where businesses are watching and waiting for a new government to be in place. it has been two months after that national calls which signals strongly for change. the progessive alliance that won general election has been blocked from forming a government after the military appointed senate rejected its candidate for prime minister. earlier i spoke with a fellow at th

flip to australia and you have michelle bullock stepping in as the new reserve bank governor. becomes the first woman to take the top job. >> it will be tricky especially when you are getting close to the crucial point where you're fighting inflation, you have not won yet or gotten back down to your target but there is a risk looming of economic weakness. it is a delicate time for central-bank leadership. manus: let's have it to today's -- let's pivot to today's action. how punishing a first half has it been or are they largely unscathed, wall street banks? over the next few days we will get the answers to many unknowns with jp morgan, citigroup and wells fargo kicking off. joining me now is jan patrick in frankfurt. good to have you with us. what is running through my mind is so much of the bullish narrative was interest income but now you have to pay to fund this situation. how important is today on nii? >> absolutely important. it always is but it comes with a double-edged sword for bengs because the benefits of having higher interest income is feeding into the other side o

secretary stephen kennedy, dignitary of the department of finance, and the current deputy governor michelle bullockeing spoken about. there is also the former deputy governor who resigned in may of last year. he is seen as a strong contender to come back, with some private sector experience as well. haidi: our postal and economics reporter swati pandey, with the activity at the rba over the moment. we are seeing moves in australian and qb treasuries as well. three-year yield dropping 11 basis points, following the moves we saw in treasury markets. yields sliding after inflation in the u.s. easing more than expected. the outlook for a rate increase after july is fading. also watching kiwi assets in the wake of the rbnz hold this week. we are getting further numbers after the disappointing pmi reading. still signs of some inflationary uptake. the month-on-month food prices for june jumping 1.6% from a prior zero point 3%. also seeing a retail card spending seeing a gain of 1%, reversing may's contraction of almost 2%. still signs of resilience that comes to the food inflation as well as credit card s

michelle bullock is named the first female governor of the rba. bullock failing to win reappointment. geopolitical wrangling set to hang over india's meeting of g20. janet yellen is headed there for a third visit in the last nine months. haslinda: it seems like there is a new buzzword in town, disinflation. that is driving risk sentiment higher. also helping, china policies working. we so that meeting between tech chiefs and premier li jang. taking a look at the benchmark, asia doing quite well, extending for a fourth day in a row. the csi 300 index is one we are tracking. we saw how traders bought almost $2 billion worth of stocks in china alone on thursday. today currently flat. not bad considering what we saw yesterday. gains for the nikkei 225 up 2/10 of 1%. trading higher. the yen at 138 on expectations we could see a move in the ycc and the meeting come july 28. in the fx space, dollar weakness something we have not seen for some time, driving asian currencies higher. we have to track how bond yields are doing. yields trending lower. five-ye

another thing that is great, record low unemployment at 3.6% but michelle bullock thinks unemploymentto get up to 4.5% to bring inflation down, to bring final demand down. both sides of the coin are there right now. even the surprise 25 basis point hike we got at the last meeting. again, very divided views and most people figure, if they don't do something now, they will do it in august, but this is another very close call, as you know. haidi: how resilient is the housing market and mortgage rates and how that plays into the recession risk? kathleen: the housing market is important. and we heard from -- earlier today and she is with amp financial services and she is concerned that the risk is rising. look at the housing market. let's look at the white line. that's all those rba rate hikes. that's how much mortgage rates have gone up. home prices are rising. people are concerned about home lending, mortgage lending may cool off. they are concerned about the mortgage clip that that 900,000 australian homeowners made race because they are facing rolling off of a fixed mortgage rate onto