Weekly Updates

In Australia, the unemployment rate rose more than expected in September, as unemployment rose more than employment. NAB business conditions remained above the longer-run average in September, while business confidence rebounded from its fall from the previous month.

In Australia, the Westpac Melbourne Institute consumer sentiment dropped again in October, as consumers were spooked by inflation news. Meanwhile, the Melbourne Institute inflation gauge rose to the upper bound of the 2-3% target range in September, while consumer inflation expectations picked up to a five-month high in October. ANZ-Indeed data revealed a fall in job ads in September.

In Australia, the RBA kept the cash rate target unchanged this week as expected, but sharpened its tone and appeared less willing to deliver a cut at the next meeting in November.

In Australia, the August CPI indicator surprised to the upside, while S&P Global PMIs suggested a slower pace of expansion in September.

In Australia, employment saw a surprising decline in August, driven by fewer full-time jobs. The unemployment rate remained steady at 4.2% due to lower labour force participation.

In Australia, NAB business conditions improved slightly in August, while business confidence deteriorated somewhat, but both measures remained around their respective long-term averages. The Westpac Melbourne Institute consumer sentiment index retreated from a 3.5-year high in September, while inflation expectations rose.