The 5% Club

Thursday 26th June 2025

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It won’t come as a complete surprise that NATO members agreed to up their defence spending to 5 percent on Wednesday. The bigger surprise might be if they keep that commitment once President Trump is no longer in office. We saw a bigger response locally to the softer than expected Australian CPI number for May. NAB’s Ken Crompton joins Phil to talk about the market response and expectations for RBA cuts from now on. They also talk through the surprising drop in US new home sales, Japan’s leading index, Powell’s testimony to the Senate Committee, and what to look out for today.

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