Australia (Commonwealth)_It’s been quite a journey for Australian businesses, hasn’t it? Despite some economic turbulence, they’ve managed to keep the wheels turning. The National Australia Bank has been keeping a close eye on how well firms are doing, especially with higher interest rates and cost pressures.
Their monthly reports are like a window into the world of businesses, showing us how prices are moving for materials, labor, and other essentials. Plus, it gives us a peek into what firms are charging for their goods and services.
Guess what? The September edition of this monthly survey is due for release this Tuesday!
Surprisingly, business conditions actually improved in August. A strong job market and high levels of migration have been keeping spending at a good pace. However, on the consumer front, there are some signs of financial strain. People are focusing more on essentials rather than splurging on non-essentials, and confidence levels aren’t exactly at their peak.
We’re in for an interesting week of updates. The monthly sentiment index from Westpac and Melbourne Institute, along with the weekly consumer confidence report from ANZ and Roy Morgan, are all due on Tuesday.
Come Wednesday, we’ll be diving deeper into how consumers are actually behaving and spending their money with the CommBank household spending insights report.
One big challenge for the Australian economy right now is taming inflation. Prices have come down a bit from their peak, but they’re still higher than the Reserve Bank’s target range of two to three percent.
A senior official from the central bank, Christopher Kent, is set to talk about how changes in monetary policy affect the economy. This chat, titled ‘Channels of Transmission’, will happen at a Bloomberg event in Sydney on Wednesday.
And don’t forget, we’ll also have some important data releases from the Australian Bureau of Statistics on Wednesday and Friday, covering business turnover and overseas arrivals and departures.
Oh, and let’s not forget the good news from Wall Street! The S&P 500 and Nasdaq made some significant gains on Friday, so local investors will be keeping a close eye on that.
Have a fantastic week ahead! ?
