Separately, Australian September Household Spending +0.2% m/m
- expected +0.4%,prior +0.1%
- spending on services was unchanged in the month, spending on goods +0.4%
- for the y/y +5.1% vs. +5.5% expected and +5% in August
- the improvement, while tiny, will be welcomed by the Reserve Bank of Australia
- but its a patchy recovery in consumer demand, with gains in food, health, and petrol, but showing drops in air travel and accommodation
- What is unlikely to be welcomed though is the news from this that non-discretionary spending jumped 0.6%, while discretionary categories were more or less flat ... hints at ongoing cost of living pressures
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September building permits +12% m/m
- expected +5%, prior -6%
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Separately, Australia ANZ Job Advertisements -2.2% m/m in October, the fourth m/m drop in a row
- prior -3.5%
- for the y/y -7.4%
The RBA is of the opinion that the Australian labour market is still showing signs of tightness, but this is a sign of some loosening.
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The Reserve Bank of Australia is meeting today and tomorrow, no rate cut is expected. More on this here:
