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AUSTRALIA: The most important figure is the y/y measure of headline CPI. A
higher outcome here would be important for three key reasons. The first is that
it would bring CPI into the RBA's target band for the first time in four
- Secondly, it would boost prospects for wage growth, as headline CPI has a big
influence on wage expectations. An acceleration in wage growth is extremely
important for the RBA's monetary policy because it would eventually lead to
inflation rising towards the midpoint of the target band, and would also boost
household income and thus their consumption.
- Thirdly, a higher outcome on y/y CPI would also be above the RBA's own
expectation and could potentially lead to an upgrade in CPI forecasts when the
RBA publishes the next quarterly Statement on Monetary Policy on May 4. This
would indicate further progress on the RBA's inflation goal and boost the case
for a rate hike. (MNI - For Full Story See Main Wire At 22:12 BST 04/23)