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Articles from MacroBusiness

RBA to drive unemployment to 5%

June 21, 2024 - 00:05 -- Admin

HSBC chief economist Paul Bloxham believes that the Reserve Bank of Australia (RBA) will need to see Australia’s unemployment rate rise to 5% before it considers cutting interest rates. “The unemployment rate at the moment has risen from 3.5% to 4% and we think that the unemployment rate will probably have to get up closer

Credit card activity sinks again

June 21, 2024 - 00:02 -- Admin

Westpac’s credit card tracker is not improving: The Westpac Card Tracker Index* continues to warn of a renewed weakening in consumer demand. While the index held steady at 132.8 over the first two weeks of June it remains materially below the 136.2 average recorded in the March quarter. If the index continues to hold around current levels

Macro Afternoon

June 20, 2024 - 16:30 -- Admin

With Wall Street returning from its mid week holiday tonight, risk taking has reduced across most markets with Asian stocks mixed or lower across the region. Local stocks are just holding on to their post RBA hold gains with the Australian dollar still hovering just below the 67 cent level. Oil prices are holding on

Australian dollar stuck in the mud

June 20, 2024 - 12:30 -- Admin

HSBC with a report that closely mirrors my own views on the AUD. Keywords including “peak US exceptionalism”, “exhausted Fed repricing”, “peak China pessimism”, “commodity upcycle”, and “a higher-for-longer RBA” were commonly featured as arguments during AUD-USD’s recent rise. We think this is only partially correct. Being highly dependent on external drivers, AUD-USD has remained

AEMO declares gas emergency

June 20, 2024 - 12:11 -- Admin

We interrupt your regular programming of nuclear balderdash with the newsflash that: Australia’s energy market operator has convened an emergency meeting of the gas industry after warning fuel supplies are running tight and without urgent action there could be insufficient reserves for the rest of winter. The alert underscores Australia’s tight gas supplies, which could

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