HSBC reports that Australia's labour market continues to loosen - taking pressure off wages and leaving the RBA with room to cut rates to support Australia's rebalancing. HSBC expects the RBA to cut rates next month, although this will also depend on Q2 CPI (due in late July). The rebalancing of Australia's growth from mining investment led growth to the non-mining economy has been more gradual than expected. However, positive signs of rebalancing are reflected in state employment numbers which show employment has picked up more in NSW and Victoria than in WA (key mining state).
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