Weekly Updates

In Australia, it was an eventful week on financial markets, highlighted by the upside surprise to Q3 CPI inflation that saw an evaporation of expectations for a cash rate cut next week.

In Australia, the flash estimate of the S&P Global Composite PMI for October indicated a slightly faster pace of expansion compared to the previous month.

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.