Login
ISCOVER
Staff Reporter
The recent slew of positive data is unlikely to force the RBA’s hand when it meets again next Tuesday to discuss the official cash rate.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Grattan Institute economist Saul Eslake told BusinessDaily yesterday that while the data was “good”, it was not so good that it would push up interest rates before the November meeting of the RBA.
Figures from the Australian Bureau of Statistics showed slow but steady growth in retail sales, building approvals and house prices in July.
The data suggested Australian households were healthy and that the commodity boom was starting to pay dividends to the real economy, according to ANZ research.
Shoppers splurged $20.4 billion in July, which was 0.7 per cent more than in June, exceeding economists' expectations of 0.4 per cent growth.
And the outlook for the housing industry improved, with building approvals rising 2.3 per cent in July - the first increase in four months.
But despite the raft of positive data, many economists believe it is not enough to push the RBA to increase rates next week.
