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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.

Australia Unemployment Rate 3.56% (consensus 3.7%) in Sep-23

- Australia's unemployment rate decreased to 3.56% in September 2023, contrary to expectations for no change from 3.7%, reaching its lowest level since June 2023.
- Job creation in Australia saw an increase of 6,700 jobs in September 2023, reflecting positive labor market conditions.

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.