Australia & NZ Weekly Economic Preview Review

Goldman Sachs expects the RBA and RBNZ to hold rates steady in upcoming meetings due to rising unemployment in Australia and contained core inflation in New Zealand. Headline inflation remains elevated at 4.6% in Australia, driven by oil price shocks and volatile energy costs.

Key Takeaways

• 1.The RBA is expected to remain on hold in June following a surprise rise in unemployment to 4.5%, with a final rate hike now projected for August.
• 2.RBNZ is forecast to maintain the Official Cash Rate at 2.25% in May as core inflation and wage growth remain contained.
• 3.New Zealand's Budget 2026 is expected to reflect a weaker fiscal position due to the economic impacts of a global oil price shock.

Table of Contents

• Key data over the past week
• Key focus in the week ahead
• Wednesday 27 May, 11:30am AEST CPI, April
• Construction Activity, 1Q2026
• Thursday 28 May, 11:30am AEST Household Spending, April
• Private Capex, 1Q2026
• Friday 29 May, 11:30am AEST Credit, April
• New Zealand: Week commencing 25 May 2026
• RBNZ Official Cash Rate & Monetary Policy Statement, May
• New Zealand Budget 2026
• Australia & NZ Indicator Dashboard
• Disclosure Appendix

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