ONLY CHARTS #132
Aus PMI, Aus household saving, NZ home loan commitments, NZ mortgage repayments, NZ housing affordability
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1. Australia’s flash composite PMI for July ticked lower to 50.2 but measures of input costs and output prices rose in the month.
2. Australian’s (gross) household saving ratio can be decomposed into contributions from: (i) mortgage principal payments (rising); (ii) employer superannuation contributions (rising), which are not readily available to households; and (iii) all other saving.
That ‘all other saving’ component has fallen noticeably and has been negative for 6 quarters.
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