BOE Minutes

Australia’s Department of Education, Employment and Work Place Relation (DEWR) skilled vacancies for October fell by 0.5% after a revised fall of 0.7% the previous month. Despite this, annual growth rates remain strong indicating improving labour demand, and this continues the trend in overall employment post GFC.

In the UK, the BOE Monetary Policy Minutes showed a three way split, with one member wanting a 25bps hike, and another voting for a further £50 billion in Quantitative Easing. The main body of the committee decided to sit on no change. UK Treasury Head George Osborne outlined his budget cuts yesterday to the form of £50 billion, which included savings in welfare and Government departments. These cuts further outline the RBA’s comments on Tuesday, which indicated that some economies would struggle to stimulate in the event of another recession.

Today in Australia, the CBA Housing Affordability Index is released, however the market will be more focused on the plethora of data released for China. Figures due include GDP for Q3, CPI, Retail Sales, Industrial Production and Urban Fixed Investment.