Article in the Australian press with an argument that the weak services PMI (its been in contraction for nearly a whole year) adds to the case for further rate cuts from the RBA. The article is hours old, so don’t take it as ‘news':
Innes Willox, chief executive of the Australian Industry Group … said the weakness in the services sector adds to the case for another interest rate cut by the RBA early in 2013. “For services providers to the business sector, the weak state of manufacturing, and residential and commercial construction is clearly still a major brake on sales and new orders, with transport and telecommunications looking especially weak in December,” he said in a statement.
