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Research Report · Weekly Note

Westpac Weekly - Jan 25

Rates, labour-market resilience, and housing-credit conditions across Australia.

Source: Westpac EconomicsPublished: Jan 25, 2026Region: Australia
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Executive summary

Australian rates pricing remains sensitive to labour-market resilience and housing-credit momentum.

Key takeaways

  1. The RBA path is data-dependent.
  2. Housing credit is improving from a low base.
  3. Labour slack remains limited.

Market context

Australian duration and bank equity positioning remain tied to the timing of the first rate cut.

Policy context

RBA communication continues to emphasise inflation confidence before easing.

Data signals

RBA cash rate target, housing approvals, and unemployment data should be tracked together.

What to watch next

Watch monthly CPI, jobs data, dwelling approvals, and household credit.