Overview
- ABS’s Monthly Household Spending Indicator rose 0.2% in September, up 5.1% year on year, and now serves as the main gauge covering about 68% of consumption.
- Gains were concentrated in goods such as food, petrol and health, while services were flat and travel and accommodation fell, pointing to a patchy demand picture.
- ANZ job advertisements declined 2.2% in October for a fourth straight monthly drop and were 7.4% lower than a year earlier, signaling a softer labour market.
- Building permits jumped 12% in September versus a 5% rise expected, rebounding from a 6% fall the month before.
- After a recent inflation uptick, markets expect the RBA to forgo a cut this week and price only one further reduction, likely around May.