Australia: Encouraging monthly CPI and construction activity data

Analysts at Australia and New Zealand Banking Group express their view on a batch of Australian economic data released earlier this Wednesday. indicator for July 2023 was below the market and our expectation of 4.9% y/y, which is an encouraging development ahead of Q3 CPI. While electricity prices jumped in July and rents continued to accelerate, the annual increase in overall housing costs was broadly stable .

“In short, growth in construction work done waned in the June quarter, albeit after a stronger March quarter result.” Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.

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