Strong employment keeps alive the risks to wage inflation and the central bank's concerns.
More Quotes from Michael Blythe:
It's on the side of the ledger for a tightening bias. But with uncertainty about global growth and oil prices, the bank isn't likely to move rates anytime soon.Michael Blythe
Building approvals have been volatile, but with this bounce, and other data like housing credit, it does look like the housing sector is near bottom after a very mild downturn.
Michael Blythe
The most likely outcome is that interest rates will rise.
Michael Blythe
Signs of slowing growth and wages moving sideways rather than picking up, and of course the currency showing some signs of life, suggest that the Reserve Bank has probably administered enough monetary medicine for the time being.
Michael Blythe
Some of the risks coming through in the labor market in Australia are still very tight and, ultimately, you would expect that to push up wages and then flow through to inflation.
Michael Blythe
So we suspect that it won't take much to give the RBA that extra shove toward tightening.
Michael Blythe
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