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RBA Minutes Focus Of The Week

AUSTRALIA

The focus of this week will be the RBA June meeting minutes published on Tuesday, where the central bank surprised many with another 25bp hike. The minutes should give a more detailed account of the decision. Also on Tuesday, Deputy Governor Bullock speaks (1330 AEST) and Assistant Governor Kent participates in a panel (1135 AEST).

  • On Wednesday the Westpac Leading Index prints for May. The 6-month annualised rate leads economic activity compared to trend by 3 to 9 months and so the indicator is currently pointing to weak growth through H2 2023.
  • Preliminary Judo Bank PMIs for June are released on Friday. The composite is standing in growth territory at 51.6 due to solid services growth, whereas manufacturing activity contracted in May. The price/cost components of this data will also be important.

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