This week’s Q1 national accounts release from the Australian Bureau of Statistics is expected to reveal that per capita GDP declined, effectively pushing Australians back into recession after the reprieve in Q4 2024. The weak result will likely be driven by household consumption, which continues to disappoint despite the Stage 3 tax cuts and falling
This weekend saw 2,962 auctions held across the capital cities, the highest volume since the week before Easter and the second-highest volume of auctions so far this year. Cotality (formerly CoreLogic) reported a preliminary auction clearance rate of 70.0%, down slightly from 71.3% last week, which was revised to a final clearance rate of 65.1%
By Stephen Wu, senior economist at CBA. Headline inflation in April was unchanged at 2.4%/yr, with the annual trimmed mean measure nudging up to 2.8%. Retail trade data surprised on the downside, with warmer weather and price rises playing a role. The week ahead brings Q1 25 GDP, where we expect the annual rate to
The Albanese government’s National Housing Accord commenced on 1 July 2024 and requires the construction of 1.2 million homes over five years, which equates to 20,000 homes per month and 240,000 homes a year. As illustrated in the next chart, the 240,000 annual housing target is beyond anything Australia has ever achieved before and way
International Reading: Elon Musk wants to rollout robotaxi in Austin in two weeks – Fortune America has a billionaire problem — we need a wealth tax to fix it – The Hill The Republican budget is an attack on the American economy – Public Notice Tariffs, and Trump’s entire economic agenda, were just thrown into
A slight exaggeration perhaps, but certainly looser than the always wrong RBA would have you think. Via Goldman. A key uncertainty in Australia’s monetary policy outlook is whether the labour market is still operating above full employment and therefore a source of inflationary pressures. In our view, the labour market has arrived at a ‘sweet
DXY wobbling all over. AUD is stuck but still in a rising channel. Lead boots are a little lighter. Oil and gold becalmed. Metals no bueno. Mining big bear. EM meh. Junk OK. Have yields rolled over? Liberating stocks? The EUR, and its supposed fiscal underpinnings, is a big story about AUD strength. Credit Agricole.
The Queensland state government on Wednesday announced the opening up of nine new areas for gas exploration across the Cooper/Eromanga and Bowen/Surat Basins to boost future supply. The government asserted that the initiatives aim to unlock supply and stimulate new gas investment, thereby lowering energy prices. “The best way to bring down energy prices is
The post-COVID burst in Aussie business investment is over. Plans for the next year have now flatlined. Driven largely by fading services investment. Growth gone. Given that year-on-year growth in plans tends to be rounded down as the year progresses, this does not bode well for employment. The BRA expect capex growth to accelerate to
Last week’s 0.25% interest rate cut from the Reserve Bank of Australia (RBA) has immediately impacted the housing market, with Cotality last week recording the highest capital city final auction clearance rate since July last year at 65.1%. Sydney’s final clearance rate rose to 67.3% last week, which was the best result since mid-August last