Australia’s GDP numbers yesterday surprised many, falling well below NAB’s expectations, which themselves were below market consensus. On today’s Morning Call Phil Dobbie asks NAB’s Gaivn Friend what this means for the RBA who, yesterday, Ray Attrill described as wearing rose tinted glasses. Has reality started to bite? There’s also discussion on the Bank of Canada’s rate decision, and how the ECB will weather the downturn in Europe. Plus, disappointing data from the US, but perhaps more important where the words from the Fed’s John Williams – listen in to find out what he had to say.