The market forecasts headline inflation data to climb to 5.2 per cent for the 12 months to August. The higher oil prices are hurting equities markets in the US.
Soaring petrol prices pushed local inflation higher in August, data this week is expected to show, with the increases showing little sign of abating.
But Dr Oliver said the RBA was likely to brush off inflation’s rebound as an anomaly related to a months-long campaign by Saudi Arabia and Russia to cut oil’s global supply and force energy prices higher.“Monetary policy has gone from ultra-easy to tight, households and businesses are under much more pressure now than 18 months ago,” he said. “So, central banks will be inclined to think petrol prices can act like a tax on spending.
The Australian sharemarket is expected to open 0.3 per cent lower on Monday, extending losses totalling 2.9 per cent last weekThe gloom broadened in the US on Friday after Republican members of Congress failed to agree on an extended government funding plan from October 1. The congressional roadblock led the White House to direct federal agencies to prepare for a shutdown if the government runs out of funds to pay personnel, alongside other basic fiscal commitments.
In corporate news, Australian shareholders are also set to be showered with about $21.7 billion in dividend payments, including around $4 billion from Commonwealth Bank, $2.4 billion from Woodside, $6.3 billion from BHP Group, and $3 billion from Fortescue Metals.
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