The week ahead in macro
Your cheat sheet for what's coming in economic data this week - and how to interpret it.
With only about a month to go until the Reserve Bank of Australia meets to decide what to do with interest rates, just about every economic data point is significant at the moment for anyone watching the economy closely. This week the most critical releases relate to household spending and borrowing.
Here’s what you need to know about the key economic data releases this week.
New numbers
The data: May lending indicators, Australian Bureau of Statistics
When: Monday 8 July 2024
Reporter’s view: This will almost undoubtedly be another reminder of how brutal the property market can be for those yet to get on the ladder. That’s especially the case because it will again reveal how active property investors are in the market. Don’t forget that April’s data showed a 36% annual lift in the cash landlords are splashing on property, taking their biggest share of the market since 2017. This will no doubt further fuel some of the broader debate about housing affordability, given research house CoreLogic only last week revealed home values increased 8% in the 2023-24 financial year (though 0.7% of which was in June). There is a slowing in some markets though. More broadly, CommSec thinks home loan values might have lifted a further 3% over the month.
More to watch: The ABS is also releasing overseas arrivals and departures data for May on Friday. The data features plenty of insights into tourist activity but it also provides the latest count of international student arrivals, which has become a hot topic as rent prices continue to rise.
