The Week Ahead

The release of the federal budget will put an end to speculation over increased taxes and spending cuts, while the release of the US monthly budget will dominate offshore headlines.

Weeks of speculation will come to an end on Tuesday when Treasurer Joe Hockey unveils the federal budget.

Reports of increased taxes and spending cuts are widely expected to be confirmed, but some of the more controversial Commission of Audit recommendations may turn out to be expectation management.

In other local news, official data on lending finance and new car sales will be released, along with the NAB monthly business survey. In the corporate sector, the Commonwealth Bank will provide a trading update, while Santos and Oil Search will hold annual general meetings.

Offshore, the US will unveil its monthly budget statement, with data on retail sales, inflation and housing also due.

RBA

The Reserve Bank of Australia has some speeches on the calendar this week but there are no key data drops scheduled.

On Tuesday, head of the RBA’s financial stability department Luci Ellis will speak on a panel at the Thomson Reuters Australian Regulatory Summit in Sydney.

On Thursday, Ms Ellis will speak at the Citibank residential housing conference in Sydney.

Local news

All eyes will be on the federal budget this week, with speculation rife about tax increases and spending cuts as the Coalition government seeks to reduce the budget deficit.

On Monday, the National Australia Bank April survey of business confidence and conditions will be released.

On Tuesday, the Australian Bureau of Statistics will publish March housing finance data.

That evening, Treasurer Joe Hockey will unveil the federal budget.

On Thursday, April new car sales data from the ABS is expected.

On Friday, the ABS will release March lending finance data.

Corporate

A series of earnings reports and annual general meetings are on the cards this week, with key releases due from Commonwealth Bank, Santos and Oil Search.

On Monday, Incitec Pivot will release its first-half results.

On Tuesday, Orica is expected to post first-half results, while Coca-Cola Amatil will hold its annual general meeting and release a first-quarter sales and revenue update.

Australia and New Zealand Banking Group has its record date.

On Wednesday, Commonwealth Bank will provide its March quarter trading update.

Westpac Banking Corporation goes ex-dividend.

On Thursday, CSR, Singapore Telecommunications and SP Ausnet will publish full-year results.

Paladin Energy will release its third-quarter earnings, while GrainCorp will divulge its first-half results.

Sydney Airport Holdings will hold its annual general meeting.

On Friday, Santos and Oil Search will hold their annual general meetings.

Westpac has its record date.

Overseas

Budgets are in focus around the world this week, with the US monthly budget statement due. New Zealand will also unveil its budget.

On Tuesday, in China, April retail sales are expected to lift by 12.2 per cent, year on year, while industrial production for the same month is tipped to increase 8.9 per cent, year on year.

In the United States, the April budget statement will be divulged, with a print of $105 billion expected.

On Wednesday, April retail sales are expected to lift 0.4 per cent, the import price index for the same month is tipped to rise 0.4 per cent and March business inventories are forecast to lift 0.4 per cent.

On Thursday, the New Zealand budget will be handed down.

In Europe, April inflation numbers and first-quarter GDP data are scheduled.

In the United States, weekly mortgage applications numbers are due, while final numbers on the April producer price index are scheduled, with a 0.2 per cent rise tipped.

On Friday, the May empire manufacturing survey is due, while April inflation is expected to lift 0.3 per cent.

April industrial production is expected to edge up 0.1 per cent, the Bloomberg consumer comfort survey is due and the Philadelphia Fed Business Outlook will be published.

Late Friday, April housing starts are expected to lift to 980,000, while building permits for the same month are tipped to rise to 1.02 million.

Wrapping up

All eyes will be on Treasurer Joe Hockey’s post-budget remarks this week.

On Monday, in Brisbane, Australian Prudential Regulation Authority chairman John Laker will speak at a lunch hosted by the Committee for Economic Development of Australia.

On Tuesday, in Melbourne, Victorian Treasurer Michael O’Brien will deliver a post-budget briefing, hosted by CEDA.

On Wednesday, in Canberra, Treasurer Joe Hockey will deliver his post-budget address at the National Press Club.

On Friday, in the US, Federal Reserve chair Janet Yellen is expected to deliver a speech.