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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.

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.