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Petrol prices, supply chain disruptions and the withdrawal of coronavirus supports caused inflation to spike in the June quarter, but the lift will be transitory and unlikely to shift the Reserve Bankâs outlook for interest rates.
The extension of Sydneyâs lockdown on Wednesday for another month also caused some economists to rethink their expectations for when the central bank would begin lifting rates, as the economic outlook darkened.
Most notably, the Commonwealth Bank pushed back its hawkish November 2022 prediction to May 2023, and is forecasting a 2.7 per cent contraction in gross domestic product in the September quarter.
Date Time
Australian Bureau of Statistics publishing tallies of 2021 Census participation
The Australian Bureau of Statistics (ABS) today announced it will publish tallies of participation in the 2021 Census of Population and Housing through the number of forms received online and by mail.
An initial tally will be published on the ABS website on Wednesday 4 August at 10am AEST. The next tallies will be published on Monday 9 August and Wednesday 11 August, the morning after Census night. Twice weekly tallies will then be published each Monday and Thursday.
Dr David Gruen, Australian Statistician, said that the ABS recognises there is public interest in Census participation. “We will report on the number of forms received from early August through to the end of September.”
China’s Hunger for Iron Continues to Underpin Australia’s Economy
Last month, Australia funnelled more than a third of all its exports to feed China’s insatiable appetite for iron ore.
Recent Australian Bureau of Statistics (ABS) data revealed that June saw a record month in history as exports of the Australian ore to the Chinese communist regime reached an unprecedented $15 billion (US$11 billion).
This was out of $19 billion (US$14 billion) of shipments sent to China, breaking further records as Australian exports surpassed $40 billion (US$30 billion) in June alone.
China even splurged on its second largest acquisition of Australian gold bullion worth $850 million (US$625 million), almost double what it had imported in May.
Expect Olympics-fuelled growth in Qld, says broker
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South-East Queensland can expect a spike in residential and commercial lending volumes off the back of Brisbane securing the 2032 Olympics, a brokerage has said.
Brisbane-based Loan Market mortgage broker Mick O’Shea reported that in the first week following the city winning the Olympics bid, he already had seen a boost in enquiries.
“The games have been a real talking point this last week,” Mr O’Shea said.
“The announcement has come on the back of a real rush in activity already. We’ve seen a lot of people wanting to relocate to Brisbane from the pandemic, while locals have been looking to upgrade, as they’re spending more time at home.”
7/28/2021 1:33:57 AM GMT | By Ross J Burland
Australia’s second-quarter Consumer Price Index has been published in line with expectations and there has been no market reaction.
Australia’s Q2 CPI
More to come.
AUD has stood still in response to the data as follows:
Aussie COVID lockdowns in focus
Meanwhile, markets are more concerned for Sydney’s lockdown that looks likely to be deeper and longer than markets first presumed.
It has been announced that it will extend for another 4-weeks. However, some analysts anticipate tight restrictions to continue until at least the end of September, such as analysts at ANZ Bank.