Australian Macro Weekly

ANZ Research expects the RBA to hold interest rates at 4.35% as the April unemployment rate rose to 4.5% and forward indicators signal further softening. Focus turns to next week's April CPI data and household spending figures, which are expected to show easing price pressures and contracting consumption.

Key Takeaways

• 1.April labor force data was softer than expected with employment down 18.6k and unemployment rising to 4.5%.
• 2.An RBA interest rate rise in June is unlikely; the cash rate is expected to peak at 4.35%.
• 3.Headline inflation (CPI) for April is forecast to rise 4.3% y/y, with trimmed mean up 0.3% m/m.

Table of Contents

• The week that was
• Energy/supply chain monitor
• Recent insights
• Data previews
• Forecasts
• Data and event calendar
• Five-week calendar
• Important Notice

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