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Australia monthly CPI inflation 4.9% y-o-y (consensus 5.2) in Jul-23

- Australia's monthly CPI inflation for July 2023 was 4.9% y-o-y, slightly below the consensus estimate and marking the lowest growth since January 2022.
- The inflation rate is 1.79 pp lower than the one-year average and 1.72 pp higher than the long-run average, indicating a moderation in inflation but still remaining elevated.

Australia building permits -8.14% m-o-m (consensus -1.0) in Jul-23

- Australia building permits declined by 8.14% in July 2023, significantly worse than the consensus forecast of a 1.0% decrease.
- The data shows the lowest growth rate in building permits since January 2023, indicating a lack of confidence and investment in the construction sector.

Australia retail sales 0.54% m-o-m (consensus 0.3) in Jul-23

- Australia's retail sales in July 2023 exceeded expectations with a growth rate of 0.54%, indicating a potential recovery in the retail sector after a decline the previous month.
- This growth rate is the highest recorded since May 2023 and exceeds both the one-year and long-run averages, indicating an improvement in consumer spending and economic activity.

Australia PMI services 46.7 in Aug-23

- The Australia PMI services index for August 2023 dropped to 46.7, the lowest level since January 2022, indicating a contraction in the services sector.
- The index reading stands 2.75 points below the one-year average, highlighting the weakness of the sector compared to its typical level of activity.