All eyes will focus on Greece's election this Sunday, while housing starts, new car sales data and the RBA's quarterly bulletin are due for release.

The week ahead brings a raft of economic indicators, headlined by the minutes of the Reserve Bank of Australia’s latest policy meeting.

Locally, new car sales data, housing starts figures and the RBA’s latest quarterly bulletin will all be released.

The first data from the 2011 census will also be released this week.

Offshore, the US Federal Reserve holds it two-day monthly policy meeting, where it will rule on interest rate levels for the month, while jobless claims and existing home sales data are on tap.

Investors around the globe will focus on Greece's national election on Sunday, which could decide the future of the country's membership in the eurozone.

Elsewhere, the European Union will release current account balance data, while the latest Group of 20 meeting of world leaders will be held in Mexico. The meeting is likely to have crucial implications for the response to Europe's debt crisis, after German Chancellor Angela Merkel said the crisis will overshadow all other topics of discussion.


A big week for the Reserve Bank of Australia begins on Tuesday, when the minutes of the central bank’s latest policy meeting are made available to the public. The RBA cut rates by 25 basis points in June, its second consecutive monthly cut, leaving the official cash rate at 3.5 per cent.

Investors will pore through the minutes for any reflection on the future direction of rates. Most analysts are expecting at least one more cut before the end of the year, which could come as soon as next month.

Wednesday sees RBA head of payments policy department Tony Richards speak to the 2012 Australian Banking and Finance retail financial services forum in Sydney. The speech will be closely monitored for any reflection on the minutes.

On Thursday, the RBA will release its June quarter bulletin, wrapping up a solid week for the central bank.

Local news

A thin week in local news sees a sprinkle of private and public indicators.

On Monday, the Australian Bureau of Statistics will release new car sales data for the month of May. Experts are predicting the figures to show a 1 per cent rise in sales for the month.

Wednesday sees housing starts figures for the March quarter released by the ABS, along with the Westpac Banking Corporation/Melbourne Institute leading index for April.

Analysts are tipping starts to have fallen 1.5 per cent in the quarter.

Elsewhere, the Department of Education and Workplace Relations will release its skilled vacancies index for May.

On Thursday, the first data from the 2011 Australian Census will be released.


A quiet week in corporate news sees just a couple of overseas earnings releases to watch out for.

Tuesday brings fourth-quarter earnings data from FedEx Corp in the United States.

Adobe Systems Inc will release second-quarter figures.

On Wednesday, Allied Gold will hold its annual general meeting.


All eyes will be on Greece's national election on Sunday, which could trigger an exit of the country from the eurozone. Recent polls have shown the radical leftist Syriza party, which is threatening to renege on the country's bailout agreements, neck-and-neck with the conservative New Democracy party.

As the business week kicks off, key indicators will be released in both the United States and Europe.

On Monday, US housing market data for June is due.

In the United Kingdom, Rightmove’s house price index for June is set for release.

Meanwhile, G20 leaders will meet in Mexico for a two-day summit to discuss a raft of issues, with a focus on Europe's debt crisis.

Tuesday sees housing starts data for May released in the US, along with building permits for the month.

Economists are tipping starts to have risen by 8,000 to 715,000.

Elsewhere, the US Federal Reserve will kick off its two-day monthly policy meeting.

In the UK, both consumer price and retail price index data for May is awaited.

The April house price index from DCLG is also due.

Going broader, the European Union will release construction output data for April.

On Wednesday, the US Fed Res will announce its decision on interest rates.

Elsewhere, the Energy Information Administration will release its weekly petroleum status report, while the Mortgage Bankers Association will release its latest mortgage applications data.

In the UK, June average earnings data will be released, along with May claimant count change figures.

ILO unemployment rate data for June is also on tap.

Wrapping up a big Wednesday, the Bank of England will release the minutes of its latest policy meeting.

Thursday brings jobless claims data in the US, as well as existing home sales figures for May.

Housing sales are tipped to have fallen from a 4.62 million annual rate to 4.58 million.

The Philadelphia Federal Reserve manufacturing survey for June is also due, along with the June purchasing managers index.

Analysts expect the Fed index to improve from -5.8 to 2.1, while the PMI is tipped to have lifted 0.1 per cent in the month.

In Europe, EU consumer confidence data for June is expected to be released, alongside both the manufacturing and services purchasing manager indexes for the month.

EU current account balance data is also due.

In the UK, May retail sales data is on tap.

Wrapping up

Rounding off the week, Monday sees the Committee for Economic Development of Australia hold its State of the Nation conference in Canberra.

A number of names will attend, but key speakers include opposition leader Tony Abbott, resources minister Martin Ferguson, Treasury Secretary Dr Martin Parkinson, workplace relations minister Bill Shorten, and finance minister Penny Wong.

Overseas, a two-day Group of 20 meeting kicks off in Mexico.

On Tuesday, European Union trade commissioner Karel De Gucht will speak at an Association of South East Asian Nations event in Brussels.

Wednesday sees Commonwealth Bank of Australia group executive Ross McEwan speak at a Trans-Tasman Business Circle event in Sydney.

Suncorp Group chairman Ziggy Switkowski will be the guest speaker at an Australian Institute of Company Directors event in Brisbane.

Overseas, the three-day United Nations conference on sustainable development will begin in Rio de Janeiro.

Elsewhere, the World Trade Organisation’s dispute settlement body will meet in the US.

Friday brings speeches from Infrastructure Australia chief executive officer Michael Deegan and Asciano Group chief executive officer John Mullen at a CEDA event in Melbourne.

Australian Tax Office commissioner Michael D'Ascenzo will address an AICD event in Tasmania.

Offshore, European Union leaders will meet for a summit in Rome. The leaders of four major European economies, Germany, France, Italy and Spain will attend the event.

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