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These provide the opportunity to follow up on any clarification on the state and outlook for the labour market, Australia’s potential growth rate, the economy and the dollar to mention some of the potential points of interest. Deputy Governor Philip Lowe speaks late Wednesday afternoon in Perth (8.10 AEST, 6.10 WST) on National Wealth, Land Values and Monetary Policy, and Chris Kent, Assistant Governor (Economics), speaks Friday lunchtime (12.10 AEST) on Recent Labour Market Developments. Both speech topics look to offer plenty of potential to pique analysts’/market interest. The data flow starts Tuesday with the release of the July NAB monthly Business Survey. Both the key NAB Business Confidence and Conditions measures picked up in July, indicative particularly of more upbeat non-mining business activity into the September quarter. There’ll be continued interest in not only industry performance as well as on the States providing an update of the state of the resources and domestic/non-resources sectors.
Then it’s on to the Westpac-Melbourne Institute index of Consumer Sentiment on Wednesday that’s been lagging more upbeat business confidence. The dollar has been somewhat steadier most recently and goodness knows what consumers will think about the July labour force report with its mixed messages. The ABS also release their wage price index for Q2 on Wednesday. Partial labour cost indicators and the overall more encouraging tone of the labour market in recent months suggest a mild uptick in this synthesized series of wages growth that often remains unchanged from quarter to quarter. NAB and the market looks for growth in the quarter of 0.6% (L: 0.5%), the annual rate remaining at a still modest 2.3% so still not threatening the RBA’s 2-3% inflation target. Completing the releases for the week, the NAB Commercial Property Survey for the June quarter is released Wednesday as well as the ASX300 cut of the main NAB June quarterly Business Survey.