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Australia CPI Inflation 4.1% y-o-y (Consensus 4.3%) in Q4-23

- Australia's CPI inflation rate declined to 4.1% YoY in Q4-23, undershooting consensus expectations by 0.2 percentage points.
- The current below-average inflation rate benefitted from a surprisingly steep easing of core pressures.

Australia Unemployment Rate 3.86% (consensus 3.8%) in Nov-23

- Australia's unemployment rate in November 2023 is reported at 3.86%, slightly above the consensus forecast, reaching its highest level since May 2022.
- The employment change shows an increase of 61,500 jobs, indicating a positive expansion in employment opportunities.

Australia RBA Cash Rate Target 4.35% (consensus 4.35%) in Dec-23

• The RBA's decision to hold the policy rate at 4.35% after a period of rate hikes, reflects a cautious approach in response to persistent services inflation and the need to assess the cumulative impact of previous rate increases.
• Future policy decisions will hinge on evolving economic data, particularly regarding inflation trends, global economic developments, and labour market conditions, with a continued focus on returning inflation to the target range.
• The RBA is navigating a complex economic environment, balancing the need to control inflation with the potential risks of a slowing economy and global uncertainties, including the situation in China and international conflicts.

Australia Unemployment Rate 3.72% (consensus 3.7) in Oct-23

- Australia's unemployment rate in October 2023 was 3.72%, marking a slight increase from the previous month but only to the highest level since July 2023.
- The employment change saw a significant increase of 55,000 jobs, surpassing the consensus forecast of 20,000 jobs for the same period.