The federal budget will dominate Australian news, while CSR and Dulux report results.

The key event of the week will of course be the release of the federal government’s budget and the associated speaking engagements.

With very little due out of the Reserve Bank, the centerpiece for local data releases will be the quarterly wage price index out of the Australian Bureau of Statistics and NAB’s survey of business confidence and conditions.

On the corporate front, it’s a quieter week with full-year results from CSR and a string of AGMs leading the way.

Offshore, the main focus will be the US, with retail sales and consumer prices for April set for release.

Federal budget

Tuesday will see Treasurer Wayne Swan release the 2013 federal budget. After months of speculation, the latest estimates centre on a deficit of between $10 billion and $15 billion for 2012-13.

Wednesday will see Federal Treasurer Wayne Swan deliver his post-budget address to the National Press Club in the Great Hall of Parliament House.

Friday delivers another budget address from the treasurer, this time to a Committee for the Economic Development of Australia luncheon in Brisbane.

Elsewhere, the budget will also be the focus of a CEDA address by Finance Minister Penny Wong in Melbourne.

Reserve Bank

A quiet week for the central bank after dominating the headlines on the back of a surprise rate cut at its May board meeting.

Monday will see the release of credit and debit card lending for March, which is the only scheduled data release of the week.

On Friday, the Reserve Bank’s payment systems board will meet.

Local data

The quarterly read on wages will be the focus this week, along with a leading survey on business confidence.

Monday will see the ABS unveil the March read on housing finance. Economists expect demand for home loans in the month to have increased by 8 per cent.

Elsewhere, the National Australia Bank index of business confidence and conditions for April will be released.

On Tuesday, lending finance figures for March will be released.

Wednesday bring a double drop of data from the ABS. First will be the latest read on new motor vehicle sales while the wage price index for the March quarter will also be released, with economists expecting wages to have increased by 0.9 per cent in the quarter.


On Monday, Westpac will trade ex-dividend, while Westfield Retail Trust will convene its annual general meeting.

Elsewhere, DuluxGroup will release its interim results.

Wednesday is the date of record for ANZ shareholders, while CSR’s full-year results are also due out.

On Thursday, Sydney Airport will convene its annual general meeting while GrainCorp will release its interim earnings report.

Friday is the date of record for Westpac shareholders, while Macquarie Group will trade ex-dividend.

Elsewhere, PanAust will convene its annual general meeting in Brisbane.


The United States will be the focus for offshore news this week with key reads on retail sales and consumer prices due out.

Monday will deliver industrial production and retail sales data for April out of China. Bloomberg expects retail sales to have lifted by 12.8 per cent in the month, and industrial production to have increased by 9.4 per cent.

On Tuesday US retail sales for April and business inventories for March are expected. Economists are expecting a 0.1 per cent rise in retail sales and a 0.3 per cent lift in business inventories.

Wednesday will see import price index in the US unveiled with Bloomberg tipping a 4 per cent lift year-on-year.

Elsewhere, the Japanese consumer confidence index for April is set for release as is first-quarter GDP for the EU.

On Thursday, industrial production figures for March are due out of the US, as is the National Association of Home Builders housing market index for May. Bloomberg expects the index to lift slightly to a reading of 43.

Out of the EU, trade balance for March and CPI for April are expected.

Friday will deliver Japan’s first-quarter GDP along with the latest industrial production read.

Back in the US, CPI for April is due alongside housing starts and building permits for the month. Bloomberg expects a 5.4 per cent decline in housing starts but a 4.2 per cent increase in building permits.

Late on Friday night, the University of Michigan survey of consumer confidence for May will be released. The index is forecast to lift slightly to 77.5.

Wrapping up

On Wednesday, Westpac retail and business banking group executive Jason Yetton will address a Trans-Tasman Business Circle event in Sydney.

While on Thursday, former federal ministers Amanda Vanstone and Alexander Downer will take part in an Australian Institute of Company Directors Leader’s Edge luncheon on ‘Life after Politics’. 

In Adelaide, Rio Tinto analyst Holly Ransom will feature in a CEDA Women in Leadership luncheon with a focus on women in non-traditional roles.

From Wednesday to Friday, the Australian Mines and Metals Association will convene its national conference in Melbourne. Highlights will include addresses by AMMA chief executive Steve Knott on Wednesday and KPMG partner Bernard Salt on Thursday.

It will be Friday that garners most attention, however, with Gina Rinehart, Joe Hockey and AiGroup’s Innes Willox all set to deliver speeches. A lunch debate on the Fair Work system between Labor’s Bill Shorten and the Coalition’s Eric Abetz is also scheduled.

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