Feb 4, 2013

Super Bowl score could determine economic outlook for 2013

There's no real crisis happening in our global economy -- although it may pay off for market speculators to keep a close eye on today's Super Bowl between San Francisco 49ers and the Baltimore Ravens.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

Don’t bet on a rate cut from tomorrow’s first board meeting of the Reserve Bank of Australia for 2013. The market boom and easing of tensions in Europe and the United States have taken the much-watched external factors out of the RBA’s thinking, while the weak inflation data for the December quarter shows us the domestic economy is running, as expected, a bit under trend.

But house prices are finally rising, especially in the Sydney market, while new home sales rose to a two-year high. Bank lending remained weak, especially for housing, but the 3.6% rise in private credit in 2012 was the highest for four years.

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