Blog post by Empower Wealth

RBA August 2024 | Why Australia is OUT of Cycle with the Rest of the World

In this video covering the fifth RBA Cash Rate Announcement of 2024, our hosts Ben Kingsley and Evan Lucas dive into the RBA’s latest decision and explore the most recent economic data from Australia and around the world.

Join us as we unpack key topics such as GDP growth, inflation, unemployment, consumer and business confidence, central bank decisions, and more — all of which paint a picture of the global economic landscape.

Stay tuned until the end for some exciting announcements!

Highlights from this episode:

Australia: Rising Inflation and Potential Rate Cuts

Australia sees annual inflation rise to 3.8%, staying within the long-term trend. Property prices show mixed trends across regions, with Sydney’s growth slowing and Perth and Adelaide exhibiting strong growth.

US: Mixed Signals and Federal Reserve’s Stance

We see mixed data in the US, with GDP growth driven by consumer spending and government expenditure. The Federal Reserve maintains rates but leaves the door open for potential rate cuts.

EU: Steady Growth Amid Rising Inflation

The European Union’s economy shows steady GDP growth at 0.3%, with inflation ticking up to 2.6%. The ECB keeps rates unchanged but hints at possible future rate cuts, navigating a delicate economic balance.

UK: Navigating Post-COVID Economic Challenges

The UK cuts interest rates for the first time post-COVID and may do so again in September. This reflects the economic challenges the country faces, with the Bank of England likely to reassess its growth strategies.

Exciting Changes Up Ahead!

We’re making some changes to these RBA cash rate announcements. Soon, you’ll be able to tune in LIVE to hear Ben & Evan’s commentary. Additionally, we have plans for a quarterly Property Market Update session with Bryce & Ben. Further details to come!

Time Stamps

World Economic Update Segment

01:26 – GDP
03:50 – Inflation
04:44 – Cash Rate (Interest Rates)
08:15 – Unemployment
09:12 – Consumer Confidence & Sentiment
09:40 – Retail Sales
10:15 – Business Confidence
11:06 – US Key Takeaways

China

13:16 – GDP
16:20 – Inflation
16:50 – Cash Rate (Interest Rates)
17:29 – Unemployment
17:54 – Consumer Confidence & Sentiment
18:23 – Retail Sales
18:36 – Business Confidence

Eurozone

19:19 – GDP
21:47 – Inflation
24:36 – Cash Rate (Interest Rates)
28:12 – Unemployment
29:22 – Consumer Confidence & Sentiment
30:38 – Eurozone Key Takeaways

Australian Economic Update Segment

31:47 – Inflation
39:09 – RBA’s Interest Rate Decision
40:55 – Unemployment
42:34 – Employment & Hours Worked
44:29 – Consumer Confidence & Sentiment
45:44 – Retail Sales
48:02 – Business Confidence

Australian Property Market Update

51:11 – Important Update!
52:28 – CoreLogic Hedonic Home Value Index

54:40 – Summary

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Tags: Australian economy, Australian property market, Cash Rate, Current Interest Rates, Gross Domestic Product (GDP), Home Loan, Inflation, Interest Rate, Interest Rate Announcement, Monetary Policy, mortgage broking, Property Market, property prices, RBA, rba cash rate, RBA Rate, Reserve Bank of Australia (RBA), Unemployment