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MacroBusiness Access Subscriber Only Content The US dollar was soft last night as EUR rallied: The Australian dollar moved higher but is still caught in a large head and shoulders topping pattern, a downtrend versus EUR as JPY is breaking out: AUD is now clearly underperforming EMs: Gold flew as US real rates plunge negative, oil is stuck again: Copper is now a fully-fledged bubble: Big miners firmed: Remarkably, as US inflation fears roar, yields keep falling: Stocks loved that, though Nasdaq is sending a very clear warning that inflation is not growth stock’s friend: Westpac has the wrap:

2021-22 Australian Budget Preview By Gareth Aird, Head of Australian Economics at CBA Key Points: The 2021/22 Australian Budget is scheduled for release at 7.30pm (AEST) 11 May. The Budget bottom line will be greatly improved because of the much better performing economy and significantly higher commodity prices. Notwithstanding, more stimulus is expected to be announced, including an extension of the low and middle income tax offset (LMITO) as well as spending on child care, aged care, defence, infrastructure, rural and regional Australia, digital and targeted industry support. Our point est...

RBA announces May cash rate subscribe A A The central bank has revealed its cash rate decision for May ahead of the federal budget on 11 May. The Reserve Bank of Australia (RBA) has left the official cash rate unchanged at 0.10 per cent for May, aligning with its position of leaving rates unchanged for the foreseeable future. In his statement on the RBA’s decision, governor Dr Philip Lowe said that it has maintained its current policy settings, including the yield on the three-year Australian government bond, as well as the parameters of the term funding facility. Dr Lowe said that the econ...

RBA meeting preview: no policy changes tipped, economic forecasts likely to be upgraded

MacroBusiness Access Subscriber Only Content Westpac with the note: The growth rate of the Leading Index continues to point to above trend growth in 2021. Westpac is forecasting growth of 4.5% in 2021 largely driven by the consumer who is expected to contribute three of those percentage points. The reopening of the economy; cashed up households; and an eleven year high in Consumer Sentiment all point to strong spending. The housing market is booming. Westpac expects dwelling price growth of 15% in 2021 along with surging dwelling construction. The Treasurer announces the Federal Budget on May...