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Traditionally the labour market has been a lagging indicator of activity. However, in this pandemic it is largely contemporaneous and is thus a good summary indicator of the wider economy as well as being timely given new data sets such as weekly payrolls and regular job ad updates by SEEK and Indeed.

Many of the smaller states’ economies are benefiting from both better virus numbers along with relatively smaller exposures to business services.

The Weekly looks at how the various Australian states have been performing.

This week, we thought it might be interesting to discuss the most common questions we are getting asked by businesses and investors on the outlook for the Australian economy.

The RBA’s central case of further progress in lowering both unemployment and inflation has been challenged by weak GDP growth and now weak underlying inflation.

The RBA sees no interest rate rise as likely this year but an increase possible at some stage next year.

In this Weekly, we take a closer look at the issues the RBA Board will face at its meeting tomorrow.

In today’s Weekly – our last for 2018 – we cover these developments as we wrap up 2018, and look forward to 2019.

The latest NAB business survey shows further weakness in business conditions.