Australia & NZ - economic data and event previews

Australia and New Zealand - economic data and event previews

Australia

Dwelling starts (%q/q, 2Q) - The number of housing starts probably rose a healthy 6%q/q in 2Q, after five straight quarters of decline. Our forecast derives partly from the solid 6.5%q/q gain in building approvals in the June quarter, the first quarterly rise after five quarters of falls.

RBA Board minutes (Sep.) - The RBA Board minutes will explain the reasons behind the Board’s more hawkish tone in the statement announcing the decision to leave the cash rate steady at 3%. We expect the more upbeat verbiage will be justified by improved conditions offshore, an expectation that inflation will fall below the RBA’s target range only for a short period, and the improved domestic business investment outlook. Unfortunately, though, the minutes are dated - they pre-date, for example, the extensive run of economic data in recent weeks.

AusNZ Data previews Sep 14 (pdf)

ENDS

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