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With the Labour market stats covered off in the reactionary pod last week, Nick and Kelvin's minds turn quickly to the big release from the RBNZ this week, their Monetary Policy Statement.  

There's has been plenty of speculation, criticism and advice about what to do but ultimately it's hard not to see the Bank being consistent with their plan to err on the side of caution and delay any loosening until inflation is truly under control, with concrete data to support it. 

In other news, the Pain & Gain report for Q2 reflected the market in retreat and first home buyers remain active in comparison to other buyers. 

Lastly, how lucky were the ABs and NZ Rugby that Olympic gold-medal fever took over to detract from a pretty woeful performance in front of a disappointing crowd in Wellington? Not that it bothered Nick and his son, in attendance, too much. 

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