September is upon us, and spring is in the air. It’s time to shake off the winter cobwebs and enjoy the warmer weather the new season brings.
In a mixed picture for the Australian economy, inflation eased but not as much as expected. Meanwhile, rapidly rising discretionary spending along with global uncertainties may mean another interest rate rise in September or November.
The CPI was at 3.5% in the 12 months to July, down from 3.8% but a bigger fall was expected. And, underlying inflation, which the Reserve Bank watches more closely, remained steady at 3.6%.
Consumer confidence improved during August, rising to its highest level since March. Nonetheless, the result is considerably lower than a year ago.
There were some solid gains (and falls) in Australian shares during the month with the S&P/ASX 200 above 9000 for the first time since the Iran air strikes began. Globally, markets remained resilient despite the ongoing uncertainty.
The Aussie dollar ended August at its highest level in three months.
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