Week Ahead Should Reveal More On Consumer, RBA Lowe Speaks

This week there is a swathe of consumer data which should give analysts and the RBA an idea of how consumers were faring coming into the end of the year. RBA Governor Lowe is also scheduled to speak.

• On Tuesday, the CBA household spending intentions data for November is released. It posted a strong monthly increase in October. Westpac consumer confidence for December follows. This series has been depressed and that is likely to have continued.
• NAB also releases business confidence and conditions for November on Tuesday. These have been holding up well.
• On Wednesday, RBA Governor Lowe speaks at the 2022 AusPayNet Annual Summit at 0930 AEDT. RBA’s Connolly, Head of Payments Policy Department, is moderating the panel discussion on “Is Australia ready for digital currency payments?”
• On Thursday, the Melbourne Institute publishes its measure of consumer inflation expectations for December. Petrol prices were up 6.6% in November but were down in the last two weeks of the month, which may put downward pressure on inflation expectations. Also talk of rising energy costs dipped during the month to pick up again in December as the government tried to find a solution.
• The November employment report also prints on Thursday. October was very strong and saw the unemployment rate fall to 3.4%. November is expected to show a further 17k rise in employment but with the unemployment rate stable at 3.4%.
• The Global S&P preliminary PMIs for December are released on Friday. Manufacturing remained in growth territory in November but services contracted.