News

Wealth Pi Fortnightly Economic Snapshot

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Official cash rate
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Inflation
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Unemployment
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Wage growth

Interest Rates

Probability of rate cut at next RBA meeting in March 2024 is at 5 % 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

 Some 22,000 extra people were unemployed in January as Australia’s jobs growth slows over the summer holidays and sent the unemployment rate up to 4.1 per cent.

Global Markets

The US has softened their talk on rate hikes watching key data points.  The UK’s inflation surprised on the upside pushing rate cut likelihood out.

Property

The Cordell Construction Cost Index (CCCI), which tracks the cost to build a typical new dwelling, recorded a growth rate of 0.8% over the three months to December. This marks a reversal of the easing trend seen over the previous four quarters when the quarterly CCCI reading went from 4.7% in Q3 2022 to 0.5% in Q3 2023.

Links for Data

  • https://www.rba.gov.au/snapshots/economy-indicators-snapshot/

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