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Building Activity, completions exceed commencements
Dwelling completions are picking up from last year, with houses up by 3.3 per cent and units up by 22.4 per cent.
As we get closer to the 2-3% target, inflation becomes stickier
The data on inflation for the month of July was quite unremarkable and broadly in line with recent assessments of inflation. As we get closer to the 2-3 per cent target, inflation becomes stickier. Another way of putting it is that the rate of getting inflation down becomes slower.
Household goods retailing appears to have strengthened
The value of retail trade turnover in the month of July 2024 was unchanged from the previous month. Over the past three months to July, retail trade was valued at $108.3 billion which is 0.9 per cent higher than in the previous three-month period, to be 2.3 per cent higher than at the same time last year.
The national economy is not representative of the household economy
Real GDP in the June quarter 2024 grew by 0.2 per cent in the quarter and 1.0 per cent in the year. There continues to be an inconsistency between what is happening in the economy in the aggregate and how individual households feel.
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