Market & Economic update - April 2023

File: Economic & Market Update

Duration: 01:39

Date: April 04, 2023

00:01 Economic Review April 2023

00:05 March was marked by banking failures in the US that spent ripples through global sharemarkets.

00:10 However, the first quarter of 2023 ended on a note of optimism in Australia due to better-than-expected inflation figures and expectations of a tempering in rate rises.

00:20 Share markets in Australia and overseas ended the month in a stronger position as the global banking system steadies itself.

00:28 The ASX200 finished the month at about the same point it started after suffering a slump in mid-month.

00:35 In Australia, the gains have come largely from the mining sector and the strength of US markets.

00:49 Australia’s inflation rate declined in the most recent figures.

00:55 The monthly CPI indicator was recorded at 6.8% in the 12 months to February, down from 7.4% in January.

01:03 Buoyed by falls in inflation, the Australian dollar consolidated at near 67c against the US dollar after falls of 7% since February.

01:09 Consumer sentiment was unchanged at 78.5 in March, holding near historical lows.

01:16 This marks the second consecutive month of extremely weak consumer sentiment.

01:21 Employment remains the economy’s good news story with the jobless rate remaining at a low 3.5% in February.

01:27 Job vacancies are almost double what they were three years ago before the start of the pandemic.