BREAKING: Magellan’s head of sales and distribution Frank Casarotti is to leave the asset manager as at December 2023. Follow updates here:
ANZ has declared a 50 basis point rate rise by the RBA tomorrow is a “done deal”, citing further evidence of solid consumer spending in June.
The bank noted that average daily spending rose by 1.9 per cent month-on-month in June, based on its data until June 28. Consumers flocked to the shops for end-of-financial-year sales, with shopping spending rising 7.7 per cent on the final weekend of June compared to the previous weekend. Average daily entertainment spending rose 14.2 per cent after a slight dip in May, with cinema spending the standout.
“The RBA has noted it will be ‘watching consumer spending carefully’, and solid June spending only reinforces the case for a 50bp rate hike on Tuesday, as do strong job vacancies, a very tight labour market and still very negative real interest rates,” ANZ economist Madeline Dunk said.
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