May 2023 Insights
As the days get shorter and temperatures begin to fall, Federal Treasurer Jim Chalmers delivered his second Budget, on Tuesday 9 May.
Earlier in the month, all eyes were on the Reserve Bank board as it decided to increase the cash rate by 0.25% again, the 11th increase in the last 12 months.
The good news is that there are signs inflation is slowing. The latest figures show the annual rate at 7%. The March quarter saw prices rise just 1.4%, the lowest increase in two years, although consumers are still feeling the pressure of rising prices in a number of areas. The most significant contributors to inflation remain fuel and utility prices, medical and hospital expenses, tertiary education and domestic travel costs.
The welcome inflation easing and a rally on Wall Street buoyed local markets a little with the ASX200 ending the month slightly higher.
The unemployment rate remains at a near 50-year low of 3.5%. With consecutive months of strong growth in female employment (up 81,000 over the past two months), the female participation rate increased to a record high of 62.5%.
The Australian dollar held on at just over US66 cents against the US dollar.
Meanwhile iron ore prices have been tumbling as China’s property market falters and there are fears the falls could continue.
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