October 03, 2023

Reserve Bank of Australia: Oct-23

  • The Board's unsurprising decision to maintain interest rates reflects a balanced approach amidst ongoing inflationary pressures, with a forecasted return to the 2-3% target range by late 2025.
  • Despite stronger-than-expected growth, high inflation and uncertainties in both domestic and global markets, including China's economic outlook, are weighing down on Australia's economy.
  • The potential for further monetary policy tightening exists, anchored in data-driven evaluations, with the Board's steadfast commitment to bringing inflation back to target.

September 28, 2023

Australia retail sales 0.18% m-o-m (consensus 0.3) in Aug-23

- Australia's retail sales in August 2023 grew by 0.18% compared to the previous month, falling short of market expectations.
- The growth rate is the lowest since June 2023, indicating a slowdown in retail sales.

September 27, 2023

Australia monthly CPI inflation 5.2% y-o-y (consensus 5.2) in Aug-23

- Australia's monthly CPI inflation in August 2023 grew by 5.2% y-o-y, aligning with consensus expectations.
- This represents the highest inflation growth since June 2023 and is both slightly below the one-year average and substantially above the long-run average.

September 21, 2023

Australia PMI services 50.5 in Sep-23

- The Australian services sector experienced a significant improvement in September 2023, with the PMI reaching 50.5, the highest level since May 2023.
- The PMI for services surpasses the one-year average by 0.97 points, indicating a sustained recovery.