Brett Careedy

Global equities declined for a third consecutive week as key indices broke below technical support levels amid heavy trading. Rising bond yields tightened financial conditions and extended the sell-off across asset classes. Central banks generally signalled a more hawkish stance. But the RBA was the only one to change the policy settings, raising the cash rate at a second successive meeting. Labour market data subsequently showed underlying resilience despite a higher headline unemployment...

Today's jump in Australia's February headline unemployment is much less concerning than it seems at first glance. It is unlikely to change the outlook for monetary policy. But the data raises interesting questions about changes in the composition of the workforce. Australian unemployment rose from 4.1% in January to 4.3% in February in seasonally-adjusted terms, according to the ABS today. Economists had been expecting the rate to remain at 4.1%. Despite the jump in seasonally adjusted...

The Board of the Reserve Bank narrowly voted to raise the cash rate by a quarter point at a second consecutive meeting to 4.10% today. 5 Board members voted to increase the cash rate by +0.25% to 4.10% today, the second consecutive meeting with a rate rise. 4 Board members would have preferred to keep the cash rate on hold. The statement recalled that the economy is experiencing capacity pressures, low unemployment and stronger momentum in demand, adding that the events in the Middle East are...