RBA Minutes Repeat No Rate Rise Until Actual Inflation Sustainably in Band

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    The Reserve Bank of Australia held interest rates…



    IHS Markit May #Australia flash PMIs

    Manufacturing 59.9 v prior 59.7
    Services 58.2 v prior 58.8
    Composite 58.1 v prior 58.8

    “Australia’s private sector growth eased from April’s survey record. That said, growth remained sharp to affirm the continued improvement in economic conditions following the easing of COVID-19 restrictions.
    “Export orders notably continued to improve, reflecting the robust external demand despite concerns of rising COVID-19 cases in the region. In turn, this filtered through to the labour market with employment improving at the fastest pace in the survey’s five-year history.
    “The outlook for activity over the coming year remained optimistic, particularly in the service sector in May. Ongoing supply-chain disruptions, however, continued to impact private sector firms, pushing up input cost inflation and thereby output prices.”

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