Australia’s Covid vaccination rate is now around 67% fully vaccinated. On the current trajectory, enough vaccines should have been administered to enable restrictions in Sydney and Melbourne to be lifted completely by the end of 2021.
With the next Federal Election little over six months away, a relaxation of the restrictions and a full re- opening of the economy is becoming increasingly important politically.
The November CPI print showed that monthly trimmed mean inflation decelerated from 3.5% to 3.2%. While services and housing inflation continued the downward trend, electricity prices surprised to the upside after various subsidies came off.
Manufacturing PMI in November increased to roughly 50, hovering near the breakpoint between expansion and contraction.
