Wednesday: ANZ Research sees higher Aus GDP

Stocks fall as inflation fears rise. ANZ Research upgrades its Australian growth forecasts. And Australian consumers are more confident as RBA hikes appear off the table.

In our deep-dive interview, ANZ Senior Commodities Strategist Daniel Hynes analyses how diesel has become a crunch point in the global oil market.

5 things to know in 5 minutes:

1. ANZ Research has upgraded its Australian GDP forecasts for 2026 due to an improved outlook for household consumption. ANZ Head of Australian Economics Adam Boyton says the economy will still slow, but not by as much as previously thought.

2. Adam is expecting business investment to remain strong at seven percent both this year and next.

3. Australian consumers are also feeling better about the economy’s prospects. ANZ-Roy Morgan Australian Consumer Confidence rose last week to its highest level since March. ANZ Economist Maddy Dunk says this month’s rate hold by the RBA has helped settle nerves.

4. Attention in Australia now turns to second quarter wage data. ANZ Economist Jasmine Zheng expects growth of 0.8% in the quarter and 3.2% year-on-year. She says workers will be looking to preserve real wages.

5. The Reserve Bank of India surprised markets this week by ending an initiative to attract foreign currency inflows and boost the rupee a month early. ANZ Economist Dhiraj Nim says there are several reasons the RBI may have jettisoned the scheme, including that global factors are driving the rupee.

Cheers,

Alex, standing in for Bernard.

PS: Catch you tomorrow with what Australia’s wage data could mean for the RBA.

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