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A Week To Gauge The Economic And Price Outlook

AUSTRALIA DATA

This week should be dominated by Australian survey data which is important for not only gauging the outlook for activity but also for price and cost pressures. RBA’s Deputy Governor Bullock also speaks on this.

  • Today ANZ job vacancies are published for October. Last month they fell 0.5% m/m. As a share of total unemployment, vacancies are off of their July 2022 peak but the ratio is still elevated at 48.1%.
  • On Tuesday, CBA household spending intentions for October print. September declined 0.5% m/m, which was the first fall not related to Covid lockdowns. Another fall in this series given rate rises and inflation pressures would not be surprising. November Westpac consumer confidence is also released. The series fell 0.9% m/m last month but it seems to have found a trough at depressed levels.
  • The NAB October business survey is also published on Tuesday and while confidence fell slightly in September, business conditions rose further. This survey has held up well showing very good trading conditions and strong forward orders but last month saw some moderation in the cost and price components.
  • On Wednesday at 20:05 AEDT, RBA Deputy Governor Bullock speaks at the annual ABE dinner on “The Economic Outlook”.
  • Finally on Thursday, November MI consumer inflation expectations print. They were stable last month at 5.4% but could rise as petrol prices rose through the last week of October.
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This week should be dominated by Australian survey data which is important for not only gauging the outlook for activity but also for price and cost pressures. RBA’s Deputy Governor Bullock also speaks on this.

  • Today ANZ job vacancies are published for October. Last month they fell 0.5% m/m. As a share of total unemployment, vacancies are off of their July 2022 peak but the ratio is still elevated at 48.1%.
  • On Tuesday, CBA household spending intentions for October print. September declined 0.5% m/m, which was the first fall not related to Covid lockdowns. Another fall in this series given rate rises and inflation pressures would not be surprising. November Westpac consumer confidence is also released. The series fell 0.9% m/m last month but it seems to have found a trough at depressed levels.
  • The NAB October business survey is also published on Tuesday and while confidence fell slightly in September, business conditions rose further. This survey has held up well showing very good trading conditions and strong forward orders but last month saw some moderation in the cost and price components.
  • On Wednesday at 20:05 AEDT, RBA Deputy Governor Bullock speaks at the annual ABE dinner on “The Economic Outlook”.
  • Finally on Thursday, November MI consumer inflation expectations print. They were stable last month at 5.4% but could rise as petrol prices rose through the last week of October.