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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.

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.