The RBA will meet next Tuesday 6th August to decide on where interest rates need to be.
With unemployment figures heading up to a four year high and with labour market looking like an even higher unemployment this is just one reason the Reserve Bank needs to cut interest rates further.
Inflation is also at the bottom of the RBA target range and looking like it will break through which is another reason an interest rate cut is needed.
In addition the China slowdown is yet another reason the RBA will need to cut rates in August and possibly more cuts after that.
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By Darryl Simms