Only Charts
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1. Melbourne Institute’s ‘nowcast’ of Australia’s Q4 GDP growth points to another subdued outcome
2. The number of temporary visa holders in Australia continued to increase over Q4 2023
3. Student visa holder numbers continued to recover back towards the (rising) pre-COVID trend
4. But the flow of international students to Australia is slowing as evidenced by a decline in student visa grants
5. The softening in Australia’s labour market has so far had little impact in aggregate on married 25-64 year olds
6. The New Zealand household saving ratio was little changed in Q3 2023…
7. …and our estimate of kiwi households’ cumulative ‘excess’ saving since the start of 2020 has tracked broadly sideways
8. New Zealand’s household debt-to-income ratio continued to decline in Q3 2023 (the published measures are the bold lines and are relative to net disposable income. The dotted lines are equivalent to gross disposable income and comparable with Australian series.)
9. We estimate that kiwi households’ interest-servicing burden continued to increase in Q4 to the highest level since Q3 2015
