Australia: Mixed economic fortunes – ANZ
New data on the Australian economy has been mixed, with inflation and retail sales a bit softer than anticipated and while the labour market continues to outperform though, with employment growing for 12 consecutive months, the longest uninterrupted streak since 1994, explains the research team at ANZ.
“The RBA is expected to remain fairly positive about the growth outlook in its November Statement of Monetary Policy. However, it will likely be more cautious on the near-term inflation outlook, given the continued sluggishness of wage growth. Friday’s SOMP should see no significant changes and thus we are not expecting a market reaction.”