So, Turnbull claims credit for swaying the banks to deliver a larger portion of the massive 100 basis point interest rate cut than they might have otherwise. Yes, of course, Mr Turnbull is more influential than market forces.

As George Megalogenis (one of more thoughtful commentators on The Insiders) said last week, it is good for the opposition to put a contrary argument to the governments position, in order to force the government to justify its position. But the condition to this is that the opposition shouldn’t sacrifice its credibility.

Turnbull’s positions of (1) asserting the banks should pass on 100%, despite all expert advice to the contrary and (2) claiming victory for the 80% that was passed on are certainly extraordinary. I guess hasn’t done his credibility harm in the long term, but I do suspect he doesn’t believe what he’s saying.

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