We welcome back AICD Chief Economist Mark Thirlwell, fresh from his holiday, as we dive into the market turbulence that peaked while Mark was celebrating his dad’s 80th birthday in Saltburn. We explore the Reserve Bank of Australia’s decision to hold steady on rates, as anticipated, and examine the global interest rate landscape, including hints of US rate cuts following the Fed Chair’s speech at Jackson Hole. We also dissect the clash between market expectations and the RBA’s timeline for cutting rates in Australia. Plus, we take a closer look at the latest GDP report: with six consecutive quarters of per capita recession, growth driven largely by population expansion and public spending, and signs of weakness in the private sector as household consumption, savings, and private investment all fell.