Inflation expectations progress lower

Inflation expectations down

Inflation expectations are now lower than where they were as the Reserve Bank began tightening interest rates. 

ANZ-Roy Morgan's survey showed consumer inflation expectations dropping back to 5 per cent, which historically has aligned to inflation at around the target range. 

This also suggests that wage growth has peaked in Australia. 

Inflation expectations in the US also retreated to 3-year lows this week.

The sharp move higher in interest rates has been punishing, but it's working.

There's been plenty of concern, meanwhile, about the value of office assets globally, with banks from Germany, Tokyo, Zurich, and New York all revealing hefty losses, provisions, and write-downs.

US Treasury Secretary said that the issue is contained so far, but many institutions are stressed by their exposure to office assets where valuations have plunged.

The shift towards working from home has created more demand for residential space, and far less demand for office space. 

Office valuations are declining in Australia too, and sub-standard office space is not leasing easily without large rent reductions.

One to watch.

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