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Empower Wealth Blog post by Empower Wealth

RBA May 2024 | The Inflation Psychology Story

Welcome to the third RBA Rate Release of 2024 with our hosts Ben Kingsley and Evan Lucas!  

In a time when economic indicators sway like leaves in the wind, staying informed is vital. Here’s a sneak peek into what Ben & Evan will be discussing in today’s episode: 

  • RBA’s Interest Rate Decision 

Find out all about the Reserve Bank of Australia’s cash rate decision – as announced today at 2.30pm (AEDT). 

  • Australia’s Inflation Challenges 

Australia’s Q1 2024 inflation rate is lingering at 3.6%, stubbornly above the RBA’s comfort zone of 2-3%. Non-tradables like healthcare and rental housing continue to push inflation beyond the target, sparking debate on possible interest rate changes in response to upcoming federal budget outcomes. 

  • Employment Landscape 

Both the US and Australia’s employment situations exhibit mixed trends, with subdued consumer sentiment. However, Australia shows positive signs, with record-high participation rates and female employment at an all-time high. 

  • Property Market Dynamics 

Contrary to expectations, property prices in Australia continue to climb. This market resilience is driven by pockets of high demand and limited supply in several regions. Deep dive into current market dynamics and future property investment potential.  

  • Inflation Psychology Story 

This consumer mindset is a self-fulfilling prophecy. When consumers respond to high prices by buying now rather than delaying their purchases (because of the belief that prices will continue to go up in the future), they in turn artificially push up prices. 

Let Ben & Evan demystify all the complex economic jargon and scenarios with clear, actionable advice coupled with expert analysis. Whether you’re a seasoned investor, home buyer, or just keen on economic trends, this episode is a must-listen! 

Time Stamps

World Economic Update Segment


01:35 – GDP
05:11 – Inflation
09:52 – Interest Rates
11:02 – Employment Story
14:20 – Consumer Confidence and Sentiment
18:21 – Retail Sales
21:59 – Business Confidence Data
25:41 – US Key Takeaways


26:12 – China Key Takeaways


27:07 – Eurozone Key Takeaways

Australian Economic Update Segment

30:13 – Inflation 
33:35 – Tradables versus Non-Tradables 
36:25 – CPI (excluding Housing, Insurance & Financial Services) 
38:06 – RBA’s Interest Rate Decision 
40:42 – Employment Story 
42:51 – Employment & Participation Rate 
43:52 – Employment & Hours Worked 
44:55 – Wages Price Index Growth 
47:24 – Australia versus US Wage Growth 
48:42 – Consumer Sentiment Index 
53:47 – Consumer Spending 
59:46 – Business Data 

Australian Property Market Update

01:02:24 – Home Lending Activity 
01:04:00 – Building Approvals Data 
01:05:16 – CoreLogic Home Value Index 
01:07:33 – CoreLogic Rental Growth 

01:12:11 – Summary 

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