News

Wealth Pi Fortnightly Economic Snapshot

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Interest Rates

Probability of rate cut at next RBA meeting in May 2024 is at 10 % for 25bp.

RBA

Rates look to be on hold for coming months and the market is pricing rate cuts in the second half of 2024.

Australian Markets

Most employed people aged 15-74 years with one or more non-school qualifications said their highest qualification was relevant to their current job (7.9 million or 79 per cent) in 2022-23, according to data released by the Australian Bureau of Statistics (ABS).

Global Markets

US:

March Housing Starts came in below estimates, falling m/m while February’s was upwardly revised. March Existing Homes Sales beat consensus, while median price up for ninth-straight month on y/y basis.

UK:

Latest RICS UK residential market survey for March pointed to ongoing improvement in housing market sentiment. Headline indicator at -4% versus consensus -6% and prior -10%, which suggests broadly stable market. Buyer demand improved with aggregate net balance of +8%, which was strongest reading since February 2022 and up from prior +4%.

Property

An article from Property Council of Australia discusses the concerns of Victoria’s Chief Executive about the state’s policy and tax actions, which contradict its pro-investment rhetoric. These policies are causing a decline in international investment and slowing down the construction of necessary property assets. Victoria’s ambitious housing targets are not being met, and frequent changes in property taxes are discouraging investors. The article calls for coherent economic policies to attract and retain investors.

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