Are we there yet?
Set your alarm for Reserve Bank o’clock when the central bank board will announce its final rates decision of the year… Economists are predicting rates will be left on hold at 4.35% – especially after monthly inflation stats came in lower than expected last week, at 4.9% for the 12 months to October. The market had been expecting 5.2%. It’s not only local economists predicting a hold, with the OECD predicting last week that the RBA won’t raise rates again, and will actually start cutting them in the second half of 2024. Elsewhere in data, the property nerds at CoreLogic said that Australia’s median property value is now at a record high of $753,654. And ANZ and Indeed published data that indicates a cooling job market, with ad postings down by 4.6% between October and November, and down 16.8% from the year before. Topsy-turvey times…
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