Westpac Economics

Westpac IQ is our complete source of economic and financial markets commentary.

[Westpac Economics @WestpacMacro]

September Labour Force: Total employment: +6.7k from +63.3k (revised down from +64.9k); unemployment rate: 3.6% from 3.7%; participation rate: 66.7% from 67.0%. https://t.co/gHqGKs9eEo

[Westpac Economics @WestpacMacro]

Cliff Notes: mixed signals keep central banks data dependent
https://t.co/bW790kECOI

[Westpac Economics @WestpacMacro]

Sep Qtr CPI Preview: Childcare represents a significant unknown due to changes in government rebates.
https://t.co/LFU3ui6d6u

[Westpac Economics @WestpacMacro]

The Sep Labour Force reinforced the view that the labour market is less tight. The RBA has signalled it has low tolerance for upside surprises to the inflation outlook. A lot hangs on next week’s CPI release, but there are other risks in the medium term.
https://t.co/3OXgWW0qcT

[Westpac Economics @WestpacMacro]

China's outlook: Threats to the economy are being managed, but authorities remain unwilling to skew risks to the upside.
https://t.co/hX1U3CQiOl

[Westpac Economics @WestpacMacro]

The RBA has little tolerance for any upside surprise from inflation compared to their current forecast profile. As such the risk of further rate hikes from the RBA are higher than we thought even a month or so past.

https://t.co/LLjWMeBRZk

[Westpac Economics @WestpacMacro]

China’s economy has recently shown evidence of a nascent recovery in confidence and spending. Most notably, the official manufacturing PMI printed an expansionary outcome for the first time in 6mths in Sep, albeit just at 50.2.
https://t.co/lh83gJrI6q

[Westpac Economics @WestpacMacro]

Our latest forecasts for energy, metals, selected softs and our composite indices.
https://t.co/0NTDvjtFjE

[Westpac Economics @WestpacMacro]

Key insights from the week that was.
https://t.co/Goe2N5uixI

[Westpac Economics @WestpacMacro]

Westpac Economics latest thinking on Australia, markets and the global economy.
https://t.co/YLwuZ435h2

[Westpac Economics @WestpacMacro]

Sep was a volatile month for many commodities but our broad commodities index was flat in the period. Falling thermal coal, gold, copper & nickel were offset by stronger met coal, LNG, aluminium & zinc.
https://t.co/IyOJ6ggoPf

[Westpac Wire @WestpacWire]

New RBA Governor Michele Bullock has made a steady start, leaving the cash rate on hold in her first meeting in charge. The November meeting will give her more opportunity to stamp her mark.

Full story: https://t.co/sKEWjRzQIb

#RBA #economy #WestpacWire

[Westpac Economics @WestpacMacro]

August CoreLogic home value index: 0.9%mth; 5.1%yr. Revised series points to stronger price momentum.
https://t.co/6iFtyHxmUt

[Westpac Economics @WestpacMacro]

August 7%mth, –22.9%yr. Tentative but uneven recovery from weak level.
https://t.co/q6vsCty7oY

[Westpac Economics @WestpacMacro]

Total value approvals (ex refi): 2.2%mth, –9.4%yr. WA and SA lead gains. Average loan sizes converge.
https://t.co/uVTBUGb4tJ

[Westpac Economics @WestpacMacro]

Governor Bullock has made absolutely minimal changes in her first Statement despite evidence of higher inflation in the September quarter. She is likely to make her mark in November when the staff refreshes their forecasts for growth and inflation.
https://t.co/Yhkw1VExND

[Westpac Economics @WestpacMacro]

Momentum in the Monthly CPI plus stronger crude oil prices and a weaker AUD behind the upwards revision. We are now forecasting the CPI to be 4.3%yr at end 2023 (was 3.9%yr) and the Trimmed Mean at 4.1%yr (was 3.8%yr).
https://t.co/AM4Z9XTxhC

[Westpac Economics @WestpacMacro]

Westpac's Card Tracker continued to lift over the last 2 wks & is up 6% from its mid-Jun low. Earlier gains were mainly due to higher fuel prices & temporary spending relating to the Women’s World Cup, the rise since mid-Aug has been more evenly spread. https://t.co/7BXWYc30tF

[Westpac Economics @WestpacMacro]

The Monthly CPI lifted 0.6% in August as expected. Inflation was restrained by various government energy rebates but there is still an upside risk to both our CPI and Trimmed Mean forecasts.
https://t.co/LFW1pRHCMm

[Westpac Economics @WestpacMacro]

Federal budget balance for 2022/23: a surplus of $22.1bn, 0.9% of GDP. That is $17.9bn above the official May forecast, on higher revenue, +$13.9bn, and lower payments, $4.0bn.
https://t.co/qI7hTJwTXS