Citing the Reserve Bank of Australia’s (RBA) internal documents showing how rising interest rates have impacted households and businesses, Bloomberg said “the private sector wage growth appeared to have stabilized at “around” 4.0%.”

Additional takeaways

“Domestic tourism demand slipped from high levels.”

“Consumers have continued to trade down to cheaper products, or purchased fewer items, due to cost-of-living pressures.

“Community services organizations seeing ... cost‐of‐living pressures remain acute for their constituents”

“More people than usual are seeking support from community services organizations, including wage earners and households with mortgages who have sought food support.”

Market reaction

AUD/USD is holding lower ground following the findings of the above report, currently trading at 0.6755, down 0.07% on the day.