THE WEEK AHEAD

The week ahead sees the release of the Reserve Bank's June meeting minutes and the NSW budget, while overseas inflation and housing figures are due out of the US.

The Reserve Bank of Australia dominates local news this week with both its quarterly bulletin and the minutes of its June board meeting – where it decided to hold rates at 2.75 per cent – set for release.

In a subdued week for ABS data, the May read on new vehicle sales will garner the most interest.

Offshore, the United States is front and centre with the latest consumer price index with May’s housing starts also set for release. The Federal Resreve will also reveal deatils of its two-day monetary policy meeting.

In other news, addresses from both Telstra chief executive David Thodey and Woolworths boss Grant O’Brien will be closely watched.

Reserve Bank

Tuesday will see the release of the Reserve Bank board’s June meeting minutes. The board held the official cash rate at a record low of 2.75 per cent, largely in line with expectations. Of great interest will be any commentary on the effects of previous easing, particularly the shock cut in May, as well as the end of the resource boom.

On Wednesday the bank's head of domestic markets, Chris Aylmer, is a panelist at the MFAA Industry Leaders Panel Forum lunch in Adelaide.

Friday will bring the release of the central bank’s bulletin for the June quarter.

Local data

A relatively subdued week for local data, with only new motor vehicle sales of much interest out of the Australian Bureau of Statistics and a sole private release.

Monday will bring the May read on new motor vehicle sales out of the ABS.

On Tuesday, the New South Wales government will unveil its state budget for 2013-14.

Wednesday will deliver the Department of Education, Employment and Workplace Relations Skilled Vacancy report, offering an insight into internet job vacancies for May.

On Thursday, the ABS will unveil its fourth-quarter read on the Australian population.

Corporate

Another quiet week on the corporate front, with EGMs again dominating the news in the calm before the August earnings storm.

On Wednesday, Range Resources will hold an extraordinary general meeting in Perth regarding its operations in Trinidad.

Thursday is the date of record for Ironbark Capital.

On Friday, Australian Infrastructure Fund will hold an extraordinary general meeting in Melbourne where shareholders will consider a resolution to approve payment of the residual return.

In Perth, Laconia Resources will also convene an extraordinary general meeting.

Offshore

The US delivers the bulk of foreign news this week, with the latest reads on CPI and housing starts due alongside the Federal Reserve’s interest rates decision.

Monday will see the EU unveil its trade balance for April.

On Tuesday, the NAHB housing market index is due out of the US. Bloomberg expects the June print will increase one point to 45.

Wednesday delivers three key reads out the US. First the CPI for May, which Bloomberg tips will increase by 1.4 per cent. Housing starts and building permits for May are also expected, with Bloomberg tipping an 11.4 per cent lift in the former and a slight 1.4 per cent decrease in the latter.

The US Federal Reserve will also commence its two-day meeting, where all eyes will be on the debate over the future of the central bank’s bond-buying program.

On Thursday, the Fed will hand down its rates decision for June, while the Bank of England will release the minutes of its most recent meeting.

Friday delivers existing home sales for May out of the US, with Bloomberg expecting an increase of 0.6 per cent, in line with the April read. Leading indicators are also due out in America, with economists forecasting a modest lift of 0.2 per cent after a 0.6 per cent increase in the previous month.

On Friday, in the EU, the current account balance for April will be released.

Elsewhere, HSBC will release the latest flash manufacturing PMI for China, while Markit flash PMI reads are also due for the US, France and Germany.

Wrapping up

Tuesday will see Pauline Vamos, chief executive officer of the Association of Superannuation Funds Australia, address a Committee for the Economic Development of Australia luncheon in Brisbane. Ms Vamos will discuss the future of superannuation. 

In Sydney, Mike Wilkins, managing director and chief executive officer of Insurance Australia Group will address a Trans-Tasman Business Circle event in Sydney.

In Melbourne, Stephen Glenfield of APRA, Equipsuper chief executive officer Danielle Press and former Australian Minister for Superannuation and Corporate Law and current Citi senior adviser Citi Nick Sherry will address a CEDA lunch in Melbourne. The trio will be speaking on the subject ‘Superannuation – Future impacts and challenges for Australia’.

On Wednesday, Sir Michael Hirst, president of the International Diabetes Federation will address the National Press Club in Canberra.

On Thursday, Woolworths chief executive officer Grant O’Brien will be the guest at Australian Institute of Company Directors 'Leader’s Edge' luncheon in Hobart.

In Sydney, David Thodey, chief executive officer of Telstra Corporation, will address a Trans-Tasman Business Circle event in Sydney.

Elsewhere, Aurizon chief executive Lance Hockridge will address a CEDA event in Brisbane as part of the group’s transport infrastructure series.

In Melbourne, EnergyAustralia managing director Richard McIndoe will speak at a CEDA event entitled ‘Unconventional energy – Striking the right balance’.

Meanwhile in Perth, KPMG’s Graeme Sheard and Michael Smith, chairman of iiNet and Synergy, will be part of an AICD briefing on ‘the board in 2020’.

Friday will see GM Holden chairman and managing director Mike Devereux address an American Chamber of Commerce in Australia event in Melbourne.

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