Australian Economic Update

Australia's labour market and household spending saw an unexpected rebound in May 2026. However, analysts believe these gains are distorted by one-off factors and do not shift the RBA's current monetary policy outlook.

Key Takeaways

• 1.The Australian labour market rebounded in May with employment increasing by 40.3k, though details suggest a softer underlying trend.
• 2.Household spending rose 1.3% m/m in May, but the increase is largely attributed to specific one-off factors like travel refunds.
• 3.ANZ Research maintains the view that the RBA will keep the cash rate on hold at the August meeting.

Table of Contents

• Australian Economic Update
• May Labour Force Survey details
• May Monthly Household Spending details
• Important Notice

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