Australia TD Securities/Melbourne Institute inflation measure for August: 0.1% m/m (vs. +0.5% prior)

The TD Securities/Melbourne Institute inflation gauge for August:

• For the m/m, comes in at +0.1%, vs. +0.5% prior
• For the y/y, comes in at +2.1%, prior was +2.7%

I had a preview, here, including a graph of past results. Inflation is not an issue in Australia at present, and is not a market focus. FWIW, this result is further confirmation of that. While the RBA is on hold (next meeting is tomorrow), inflation is not a constraint should they wish to cut rates again (and let me repeat, the RBA is currently on hold, they will not cut tomorrow – last time I checked the OIS probability of a rate cut for September it was at 7%).

The big economic data focus for Australia today is July building approvals (preview soon) and HSBC China PMI.