NAB Morning Call

Wednesday 18th March 2026

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Today NAB’s Sally Auld unpacks the fallout from the RBA's recent interest rate hike to 4.1%. While the decision was a close 5-4 split, it was a question of timing rather than any division of intent. Governor Michelle Bullock’s warning that a recession might be a "necessary" cost to tame stubborn inflation has sent ripples through the market. Meanwhile there’s the surprising resilience of the global economy, noted in both Chinese and US data prior to the Middle East conflict. Phil and Sally also look ahead to the the Bank of Canada and the Fed both poised to keep rates on hold in a "mega week" for central banks.
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Tuesday 17th March 2026

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NAB’s Skye Masters joins Phil this morning to explore the curious rise in global risk appetite despite ongoing volatility and a lack of significant change in the Middle East conflict. They break down the surprising overnight market shifts, including falling yields and a strengthening Aussie dollar, while questioning the sustainability of this "mild positive sentiment". There’s also a preview of today’s highly anticipated RBA meeting - where a rate hike to 4.1% is widely expected - and analyses strong new economic data from China that suggests a firmer start to the year for the global power.
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Monday 16th March 2026

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The war in the Middle East continues to drive sentiment, with oil pushing back above $100 and bond yields rising. NAB’s Ray Attrill joins Phil this morning to discuss how weak US data on Friday, including a sharp fall in GDP. This compounds the issue, leaving central banks balancing inflstion fears with concerns about demand destruction. Slowing economic growth is not confined to the US – the UK also saw weak GDP numbers on Friday, whilst unemployment rose in Canada. None of this is likely to prevent a rate rise from the RBA tomorrow, but other central banks meeting this week, of which there are many, are likelyt to wait and see how things unfold.
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Friday 13th March 2026

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In this episode of The Morning Call, Stewart Upson, Co-President of Infrastructure and Global Head of Strategy at Brookfield, discusses the massive infrastructure shift driven by the rapid evolution of Artificial Intelligence. Upson frames AI as a "flywheel" for technological development, highlighting a staggering $7 trillion investment opportunity over the next decade as the industry moves from basic data centers to fully integrated "data factories". He emphasizes that energy supply remains the primary bottleneck for growth, explaining how Brookfield leverages its expertise in renewable power and nuclear energy to de-risk these high-capital projects. From the rise of sovereign AI and personal AI agents to the long-term potential of embodied AI and robotics, Upson provides a comprehensive look at how infrastructure investors are building the foundation for a more productive, AI-driven global economy.
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Friday 13th March 2026

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NAB's Gavin Friend joins Phil today as heightened rhetoric over Iran pushes oil back over $100 for a spell. They unpack a significant climb in bond yields across the US, UK, and Europe, reflecting a market that is quickly pricing out hope for near-term rate cuts amidst the largest oil supply disruption in history. While the IEA warns of an 8 million barrel per day drop in global supply for March, Gavin breaks down why US Navy escorts might be the only hope for reopening the Straits of Hormuz by month's end. The conversation also pivots to the UK's precarious fiscal position under Chancellor Rachel Reeves ahead of new GDP data and a surprisingly sharp narrowing of the US trade deficit that could shift Q1 growth forecasts.
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