Separately, Australian September Household Spending +0.2% m/m
expected +0.4%,prior +0.1%spending on services was unchanged in the month, spending on goods +0.4%for the y/y +5.1% vs. +5.5% expected and +5% in Augustthe improvement, while tiny, will be welcomed by the Reserve Bank of Australiabut its a patchy recovery in consumer demand, with gains in food, health, and petrol, but showing drops in air travel and accommodationWhat is unlikely to be welcomed though is the news from this that non-discretionary spending jumped 0.6%, while discretionary categories were more or less flat … hints at ongoing cost of living pressures
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September building permits +12% m/m
expected +5%, prior -6%
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Separately, Australia ANZ Job Advertisements -2.2% m/m in October, the fourth m/m drop in a row
prior -3.5%for the y/y -7.4%
The RBA is of the opinion that the Australian labour market is still showing signs of tightness, but this is a sign of some loosening.
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The Reserve Bank of Australia is meeting today and tomorrow, no rate cut is expected. More on this here:
Australia private inflation indicator higher at 3.1% y/y in October (prior 3.0%)
This article was written by Eamonn Sheridan at investinglive.com.