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Australia Wage Cost Growth X-Bonuses 4.0% y-o-y (consensus 3.9%) in Q3-23

- Australia's wage cost growth, excluding bonuses, increased by 4.0% year-on-year in Q3-23, slightly surpassing expectations owing to revisions.
- The quarterly growth of wage costs was 1.3% in the same period, as expected.

Australia RBA Cash Rate Target 4.35% in Nov-23

• The RBA raised the policy rate by 25 basis points to 4.35%, a move anticipated by the economic consensus, to address persistent inflation, particularly in the services sector, and ensure a timely return to the 2-3% target range.
• Future rate decisions will hinge on data and risk assessments, with particular attention to global economic conditions, domestic demand, persistent service price inflation, and the tight labour market's implications on wages and pricing.
• The RBA maintains its determination to control inflation, balancing the need for further tightening against the backdrop of below-trend growth and the potential rise in unemployment while navigating significant domestic and global uncertainties.

Australia CPI Inflation 5.4% y-o-y (consensus 5.3%) in Q3-23

- Australia's CPI inflation grew by 5.4% year-on-year in Q3-23, showing a decrease from the previous quarter's rate of 6.0%.
- Quarter-on-quarter, both CPI inflation and Trimmed Mean Inflation reached 1.2% in Q3-23, while the Weighted Median Inflation slightly surpassed with 1.3% growth.

Australia Flash PMI Composite 47.3 in Oct-23

- Australia Flash PMI Composite records 47.3 in Oct-23, signaling a contraction in economic activity compared to the previous month's reading of 50.2.
- Both the manufacturing and services sectors experience declines with Australia Flash PMI Manufacturing at 48.0 and Australia Flash PMI Services at 47.6, falling below the 50.0 threshold.