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Information On State Of Households In The Fore This Week

AUSTRALIA DATA

The focus of the week is likely to be the December retail sales report given the outsized rise in November and the 300bp of tightening in 2022. The RBA is also back with Kohler and Rosewall appearing.

  • On Tuesday, December retail sales print. It is expected to fall slightly by 0.2% m/m after rising 1.4% in November as the Black Friday Sales have become increasingly important.
  • The RBA’s Head of Economics Kohler and Deputy Head Rosewell appear at the Select Committee on the Cost of Living on Wednesday. This is likely to be an important event, given that it will focus on the current inflation issues.
  • On Wednesday, CoreLogic house prices for January are released. A further decline is likely after they fell 1.2% m/m in December to be down 7.1% y/y.
  • The final Judo Bank PMIs for January print this week with manufacturing on Wednesday and the services and the composite on Friday. All indices are currently under the breakeven-50 level. The Q4 NAB business survey is released on Thursday.
  • Thursday sees building approvals for December which are expected to rise 1% m/m after falling 9% the previous month.
  • Home loan data for December is due on Friday with the headline expected to fall another 3% m/m after -3.7% the previous month. The RBA’s private credit series for December are published on Tuesday and the total is expected to rise another 0.5% m/m.

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