Weekly Updates

In Australia, the CPI figures for Q4 and December confirmed that both headline and core inflation are above the 2-3% target range. NAB business conditions and confidence improved slightly in December.

In Australia, employment bounced more than forecast in December, and the unemployment rate unexpectedly fell to 4.1%. The S&P Global Composite PMI signalled faster expansion of the economy in January, while the Westpac leading index suggested above-trend growth ahead.

In Australia, Aussie household spending growth was strong again in November, ANZ-Indeed job ads fell in December, and the Westpac-Melbourne Institute consumer confidence index fell for the second month in a row in January.

In Australia, the RBA minutes confirmed a hawkish pivot of the central bank. CPI inflation eased but remained above target, dwelling approvals rebounded, and the trade surplus narrowed in November.

In Australia, the Commonwealth’s MYEFO and the Western Australian Mid-year review both showed better fiscal outcomes compared to the Budgets. Westpac consumer sentiment fell back to a negative level after the RBA’s hawkish pivot in December, which followed a spike in the previous month.

In Australia, the RBA kept the cash rate unchanged and delivered a hawkish message regarding the interest rate outlook. The NAB business survey reported easing business conditions and confidence, while capacity utilisation increased further.