RBA rate meeting – 05/09 – with China's economy continuing to show little sign of improving the prospect of more rate hikes from the RBA seems a remote prospect. With rates at 4.10% and the RBA leaving rates unchanged at the last meeting, this week is set to see more of the same.
August PMIs have slipped into contraction territory and the unemployment rate at 3.7% the RBA will be nervous about further tightening at a time when the last employment report saw 24.2k full time jobs lost.
When part time roles are included that was a net loss of -14.6k jobs lost in July, although those losses were off the back of 107k new jobs added over May and June. Expectations are for no change to the current 4.10%.
