Australia and New Zealand - economic data and event previews
Australia
RBA Board minutes - With RBA commentary in recent weeks already having communicated clearly the shift from an “easy” implied policy bias to
“neutral”, the minutes from the August meeting are unlikely to deliver a revelation. The thinking behind the shift to
neutral, however, may be illuminating.
Speech by RBA’s Assistant Governor - Dr. Malcolm Edey, Assistant Governor (Financial Systems) will speak on “Examining the Impact of the Global Financial
Crisis on Retail Financial Services in Australia”, to the Retail Financial Services Forum 2009.
Speech by Treasury Secretary Ken Henry - Dr. Henry will deliver a speech entitled “The Implications of the Tax Review”. Dr. Henry will deliver the findings of
his wholesale review of Australia’s tax system in December, but this speech may offer early guidance on the outcome.
New Zealand
NZ PPI (%q/q, 2Q) - Pipeline price pressures probably eased again in New Zealand in 2Q. After tumbling 2.5%q/q in 1Q, the largest decline on
record, producer input prices should fall 1.0% in the three months to June. The third straight quarterly fall in input
prices will again be thanks to the stronger NZ dollar, which is up 15% against USD this year. Output prices also should
be down, falling 0.7%q/q, after slumping 1.4%q/q in 1Q, which was a record fall. The drop in output prices again will
stem mainly from a fall in the dairy manufacturing index, owing to lower export prices for milk, butter and cheese.