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RBA May Meeting Minutes Published Tuesday

AUSTRALIA
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The focus of the week will be the RBA minutes published on Tuesday. The central bank sounded more hawkish at its May 7 meeting and the minutes will hopefully clarify its thinking on upside inflation risks. The meeting was held before the budget was released. There are also a number of surveys out.

  • On Tuesday Westpac consumer confidence for May prints. It fell 2.4% in April, the second straight monthly fall, and it may decline again after the more hawkish sounding RBA and upward revision to its forecasts. Westpac usually also provides some reaction from households to the new budget. The Australian’s Newspoll reported today that 27% believe that they will be better off financially from the budget with 29% saying worse off.
  • Judo Bank publishes preliminary May PMIs on Thursday. The April data showed that activity was positive at the start of Q2 and above the Q1 average. The May data should show if this continued.
  • Melbourne Institute consumer inflation expectations for May print on Thursday. There are likely to be a number of conflicting influences with petrol prices falling in each of the first two weeks of May, Treasurer Chalmers saying inflation could be below target by year end but the RBA revising up its inflation forecasts.
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The focus of the week will be the RBA minutes published on Tuesday. The central bank sounded more hawkish at its May 7 meeting and the minutes will hopefully clarify its thinking on upside inflation risks. The meeting was held before the budget was released. There are also a number of surveys out.

  • On Tuesday Westpac consumer confidence for May prints. It fell 2.4% in April, the second straight monthly fall, and it may decline again after the more hawkish sounding RBA and upward revision to its forecasts. Westpac usually also provides some reaction from households to the new budget. The Australian’s Newspoll reported today that 27% believe that they will be better off financially from the budget with 29% saying worse off.
  • Judo Bank publishes preliminary May PMIs on Thursday. The April data showed that activity was positive at the start of Q2 and above the Q1 average. The May data should show if this continued.
  • Melbourne Institute consumer inflation expectations for May print on Thursday. There are likely to be a number of conflicting influences with petrol prices falling in each of the first two weeks of May, Treasurer Chalmers saying inflation could be below target by year end but the RBA revising up its inflation forecasts.