We’re seeing below average confidence and conditions. The picture remains unchanged since last month – business sector has lost significant momentum since early 2018 and forward looking indicators don’t point to an improvement in the near term.
Recent RBA research shows that high mortgage debt is a drag on consumer spending, helping explain the weak growth in consumption since the global financial crisis.
Fruit and vegetable prices are the two most volatile components of the CPI and can have a large effect on headline inflation.
Economic growth is slowing as public demand continues to be the main driver of GDP growth.
The federal election and lower expected interest rates have contributed to a rebound in business confidence- but not business conditions.
Governor Lowe has said that reducing unemployment to the bank’s 4.5% estimate of the NAIRU should return inflation to the 2-3% target band.
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