Australia's inflation nightmare - Australia's inflation rate is the highest globally
Analysts at a top Australian investment banking firm, Barrenjoey Capital Partners, point out that Australia's recent inflation performance is just about the worst on the planet:
"Using the trimmed mean is preferable – Australia's six month annualised rate of trimmed mean inflation of 3.6% is the highest inflation globally (higher even than the US at 3.2% 6mAR trimmed)."
Data info is here from Wednesday's release:
Australian Q1 CPI +1.0% q/q (expected 0.8%) 3.6% y/y (expected 3.4%)
Westpac's take:
Australia- inflation a bit higher than expected, RBA on hold
This take is spot on:
4 reasons why the RBA may be the last major central bank to cut rate
Via Commonwealth Bank of Australia:
- yield on the three‑year Australian government bond jumped by 13bp to 4.03%
- Interest rate markets are now pricing only a small chance of a sole 25bp rate cut by the end of the year
TD say to forget about a Reserve Bank of Australia rate cut in 2024 due to:
- strong employment market
- ongoing high migration into Australia
- rising energy prices
And conclude:
- The RBA is likely to adopt a more hawkish stance, but one that it's loath to act upon,
- expect the first cut now in February 2025
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