Stella Qiu

Australian consumer prices rose more ​than expected in July as fuel costs jumped, data showed on Wednesday, while core inflation also exceeded forecasts and ‌added to the risk of another hike in interest rates.

Australia's central bank will have to raise interest rates again if upside risks to ​inflation crystallise, a top official said on Wednesday, reiterating a ‌hawkish warning after policymakers held rates steady for a second meeting.

A senior Australian central banker on Thursday warned of ‌the risk of further policy tightening, saying inflation threats remain on the upside and "a lot of things" would need to go right to avert another rate increase.

Australia's central bank ​held its cash rate steady at 4.35% for a second straight meeting on Tuesday, saying the economy was slowing as ‌expected, but warned it might hike again if needed to control inflation.

Australian household spending rose strongly for ​a second month in June as consumers splashed out on electric vehicles ‌amid high petrol prices, data showed on Tuesday, suggesting demand was holding up in the face of rising borrowing costs.

Australian consumer prices rose at a slower pace in ​the June quarter as fuel costs eased from peaks, while core inflation undershot forecasts and lessened pressure for a further ‌hike in interest rates.

Australia's housing market is suffering its worst slowdown since the pandemic as rising borrowing costs and a sharp reversal in tax breaks shake confidence in ​a normally reliable source of economic growth.

Australian employment surged past all ​expectations in June, data showed on Thursday, in a sign of economic resilience that had markets ‌wagering another hike in interest rates would be needed to restrain inflation.

Developers of a massive data centre OpenAI wants to build in Australia have abandoned plans to cool it with recycled water, switching to a more ​energy-intensive method that undercuts government efforts to curb the booming sector's drain on resources.

Australian business conditions were steady in June as cost pressures eased following a U.S.-Iran peace deal to end ​their conflict, a survey showed on Tuesday, although renewed ‌hostilities have since sent oil prices higher again.