Paul Bloxham

A 10 per cent surge in the level of business investment in machinery and equipment has helped Western Australia’s state final demand grow 0.4 per cent in the September quarter, as national economic data surprised on the downside.

The number of Australians in employment have fallen by 594,300 people in April, with Western Australia recording 62,300 fewer people in full- or part-time work following coronavirus-related lockdowns.

The Reserve Bank of Australia has kept the cash rate at a record low 0.25 per cent at its monthly board meeting as it assesses the extent of the coronavirus-driven economic downturn.

Perth prices rose 1.8 per cent in the September quarter, the sharpest lift since June 2006, after a big fall during the COVID-19 shutdown.

More than 13,000 Western Australian jobs were lost in January, including 9,900 by women, according to new labour market data.

Growth in Western Australia’s internal economy was slower than most other states in the December quarter, while national output grew 3.1 per cent.

Treasurer Josh Frydenberg has been quick to point out that interest rate decisions are up to the Reserve Bank as speculation mounts for a rise this year.

Australian company profits have bounced back after dropping off steeply last quarter, with business inventories returning a softer-than-expected result.

Westpac, St. George, HSBC, JP Morgan and AMP now expect the Reserve Bank won't raise rates in April - but ANZ and CBA still forecast a rate hike.

A 1.2 per cent quarter-on-quarter increase in consumer price index data released today has fueled predictions of a Reserve Bank cash rate hike in November.

A boom in jobs has pushed down Australia’s unemployment rate and prompted economists to trim their interest rate outlook though some have cast doubt on the data.

Australia recorded another month of strong jobs growth in August, with the data reducing the prospect of interest rate cuts in the next few months.

Australia’s consumer price index rose 0.2 per cent in the December quarter, buoying expectations the Reserve Bank of Australia could cut rates in February.