In Australian economic news this week, new data show that business turnover rose by 0.2 per cent in trend terms in May. However, nominal turnover remained flat in the month and fell 0.6 per cent in seasonally adjusted terms.
In economic and market news this week, new data show that the volume of retail sales grew by 0.6 per cent in May. However, commentators highlighted that this was due to discounting ahead of the end of the financial year, as opposed to a sign of a wider pick up in consumer activity.
In economic news this week, inflation 'surged' to 4 per cent in the year to end-May, from 3.6 per cent at the end of April. This was taken by the markets and commentators as significantly increasing the possibility that the Reserve Bank of Australia might raise interest rates again, potentially as soon as August.
In Australia this week, the media was focused on the climate change debate and the opposition party’s pro-nuclear policy announcements. This emotive debate also included considerable discussion about the impact this change in political tack might have on investor and market certainty about the path to net zero here, and the need for renewable energy infrastructure.
In Australian economic news this week, the Reserve Bank of Australia decided to leave the official interest rate unchanged at 4.35 per cent. The statement accompanying the announcement indicated that RBA board is increasingly alert to upside risks to the outlook for inflation
In economic news, new data show that the Australian economy grew by only 0.1 per cent in the first quarter of 2024. It grew by 1.1 per cent over the year to end March, the lowest through the year growth since December 2020.
In Australian economic news, data show that inflation rose in April. The monthly inflation figure rose to 3.6 per cent in the 12 months to end-April, up from 3.5 per cent in March.
In economic news this week, new data show that Australian retail trade only rose 0.1 per cent in April. This was a rebound from a 0.4 per cent fall in March, but weaker than the 0.2 per cent rise markets had been expecting.
In economic and market news this week, it was revealed that unemployment rose in April to 4.1 per cent, from 3.9 per cent in March. However, this increase in the unemployment rate concealed an increase in employment of around 38,000 people.
