The data is here:

Australian March 2022 Business confidence 16 (prior 13) & Business conditions 18 (prior 9)

Note this:

  • labour costs +2.7% q/q (from +1.8%)
  • selling prices +2.3% q/q (from 1.4%)

And, retail prices pass-through:

nab retail price c pi 12 April 2022

The reasoning being cited for a May rate hike from the Reserve Bank of Australia is that this latest inflation indication, along with others, is enough to trigger the RBA regardless of the election campaign. The Release of Q1 CPI data on April 27 is the next trigger (or not trigger, as the case may be) to watch.