Despite a nice 16.8 point gain on Friday for the S&P/ASX 200 index, I felt it was a nothing week and my quick check of the historical prices proved it. We ended at 5336.9 this week and finished last week at 5338.1 - a 1.2 point loss, which equals nothing!
But the week was not a complete waste of time, with most media outlets preoccupied with dames, knights and the Bolt amendment to racism legislation. However, they virtually ignored the RBA boss uttering some really important words.
In a nutshell, he said the Bank was upgrading its growth numbers from 2.8% to 3%, and that’s after they were once at 2.5%! In this country, 3% growth stems the rising tide of unemployment and this admission by Glenn Stevens adds support to my building snowball of confidence prediction that I have been making since the Abbott government was elected.