Let's score it: one-nil to Jessica "the Guv" Irvine, News Ltd's national economics editor over Adam Creighton, "economics correspondent" at The Australian, after their stoush on The Drum on Monday night, where Irvine had argued why there would be a rate cut, while Creighton said there was no need for one, and urged cuts in government spending and programs. As a most condign punishment, Creighton got to write the page one story on the rate cut in The Oz, under the headline "Rate cut signals end of boom". And Irvine got the bragging rights in the tabloids.
In Glenn Stevens' post-meeting statement, he made clear that the RBA's thinking was different to hairshirt types such as Creighton, who think the only cuts should be to government spending, and the doomsters who think the economy is already in need of stimulus. The key part of the statement from Stevens was: